The Department of Financial Services has confirmed that the Minister of Financial Services and Trade, Hon. Andre Ebanks, today explained how the Cayman Islands cooperates on tax issues globally, and in particular with the EU, during a meeting with MEPs.
Minister Ebanks said he had accepted the invitation to exchange views with the European Parliament’s Sub-Committee on Fiscal Matters (FISC) to better understand the Cayman Islands’ partnership with jurisdictions around the world to prevent and detect international tax crimes, in accordance with OECD standards. (The FISC was created by the European Parliament to help fight tax evasion, tax evasion and tax evasion, as well as for tax transparency purposes.)
“Like EU Member States and other countries around the world, the Cayman Islands strives to provide the best possible opportunities for its people to thrive and grow. Likewise, we are concerned about global issues , including climate change and economic stability,” he said.
And like EU Member States and other countries around the world, we also recognize that every government must collect sufficient tax revenue to provide public services, such as health care, financial aid, infrastructure and education.
Therefore, the strong position of the Cayman Islands is that as a global partner in the fight against financial crime, we share tax information with the competent judicial and tax authorities. This ensures that taxes are paid where profits are made; and that governments are able to fund projects and programs that support their respective citizens.
The Minister continued.
To help resolve any misunderstandings or information gaps some MPs may have, Minister Ebanks shared a chart detailing Cayman’s progress in improving our regulatory regime; and answered their questions, including how the Cayman Islands indirect tax system is not prejudicial to other jurisdictions that levy direct tax.
He also invited FISC Chairman Paul Tang; and FISC members to visit the Cayman Islands, to learn more about the role of the Cayman Islands in facilitating tax-neutral investments.
The deputies expressed their gratitude for the minister’s appearance before the FISC committee.
Highlighting Cayman’s progress, Minister Ebanks noted, “We have done a lot to establish ourselves as a global partner. This is quite evident in the cooperation frameworks found on our Department of International Tax Cooperation website and in our assessments by the OECD, which sets the global standard for the exchange of tax information.”
“But, to dispel the misperceptions inherited from the past, we must be willing to engage in respectful, open and frank discussions. I thank Chairman Tang and the members of the FISC for their kind invitation and our fruitful public address,” said concluded the Minister.
Learn more about the FISC
The FISC meeting was a key part of Minister Ebanks’ international engagement this month.
Prior to this meeting, the Prime Minister, Hon. Wayne Panton, addressed TAXE2 (the predecessor to FISC) in 2017, as then Minister of Financial Services.
(Source: Ministry of Financial Services)