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CAYMANS - No income tax in new Budget |
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Wednesday, 23 June 2010 |
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No new income or payroll taxes were introduced in the Cayman Islands' 2010 Budget last week. Premier McKeeva Bush said extra taxation would "lose more business all around" and promised measures to "further develop the Cayman Islands as an international financial centre", aiming especially at high net worth individuals in the Middle East and Hong Kong. |
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TIEAS - Bermuda Signs a Tax Information Exchange Agreement with Canada |
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Wednesday, 23 June 2010 |
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Bermuda signed a tax information exchange agreement with Canada this week and completed negotiations for a similar deal with Indonesia. |
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SWITZERLAND - Banking secrecy not over: Mirabaud |
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Wednesday, 23 June 2010 |
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Yves Mirabaud, a managing partner at Mirabaud says he remains optimistic about the future of the country's banking industry, and that the end of bank secrecy is 'absolutely not true'. |
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GIBRALTAR- Gibraltar Government declares end to tax haven status |
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Wednesday, 23 June 2010 |
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The government of Gibraltar said on Wednesday will next year bring into force a new Income Tax Act that is said will end the distinction between onshore and offshore business. Under new legislation, the historic tax exempt company regime will be abolished and all companies will pay 10% corporation tax, a reduction from the current standard rate of 22%. |
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Caymans' financial reforms in limbo as UK changes government |
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Thursday, 13 May 2010 |
STEP JOURNAL- The Cayman Islands government has reassured its financial sector that it will not even consider introducing income tax or property tax, despite pressure from Britain.
The financial crisis of the past two years has sharply reduced the Cayman government's revenues, as the hedge funds that populate the island have run into financial difficulties.
As a result the island went into deficit and has had to negotiate foreign loans, for which it needs the permission of the British government.
Further difficulties for the Caymans are likely to arise from the the US administration's enactment of the HIRE Act, which could hamper Cayman Islands structures as well as US citizens residing in the Caymans. The European Union is also preparing new constraints on hedge fund activity.
In March, Cayman premier McKeeva Bush submitted a new three-year budget plan to Britain's Foreign and Commonwealth Office for approval, but nothing has yet been agreed.
Now Britain has changed government, putting the negotiations on hold, Dax Basdeo of the Cayman Ministry of Finance told the Cayman Finance Summit meeting at the Ritz-Carlton Grand Cayman Resort last week.
Meanwhile Cayman's finance sector is circulating an open letter to the island's government, intended to marshal opposition to any suggestions of new direct taxes.
The letter warns direct taxation of the financial sector could send the Cayman administration's finances into a "vicious downward spiral". Instead it calls for cuts to government spending, starting with public sector salaries and benefits.
It has been signed by more than 100 organisations and business leaders, including Cayman Finance and its chairman Anthony Travers; offshore law firm Ogier; the Cayman Islands Bankers Association; Deloitte and KPMG.
In March this year, the independent Miller Commission set up to suggest a new economic model for the Cayman Islands came to much the same conclusions.
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