Tag: OECD
Minister optimistic over OECD assessment
(CNS Business): Financial Services Minister Wayne Panton says he is optimistic that the report on the local financial service sector’s compliance with international standards will be a good one. A team of assessors from the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes visited Cayman earlier this month to conduct the peer review […]
Panton battles latest blacklist
(CNS Business): Financial Services Minister Wayne Panton is still battling to get the Cayman Islands taken off the latest blacklist, maintaining that the inclusion of Cayman on the European blacklist of financial centres was completely inappropriate and misinformed. However, he said that stigma and the position taken by some nations on tax competition made the battle […]
Old CDOs fall outside scope of CRS
(CNS Business): As Cayman implements the OECD’s Common Reporting Standards (CRS), compliance teams working in structured finance will have taken a collective sigh of relief last week, as “old and cold CDOs” were exempted from CRS reporting obligations. The Department for International Tax Competition (DITC) also announced the 95 jurisdictions that will participate with Cayman […]
EU’s newest list not a ‘blacklist’
(CNS Business): According to the OECD, the EU Commission has confirmed that they have not yet decided which countries should be included on a new blacklist of non-cooperative tax jurisdictions and the list that they released on 17 June was “based on Member States’ independent national lists”. In an email the OECD said, “It is very […]
Latest G20 summit holds no surprises for Cayman
(CNS Business): Following the G20 summit in Brisbane last week questions remain over how much the latest talks on global tax transparency will impact Cayman and other offshore jurisdictions. Despite the bluster from international politicians in the build-up to the summit over clamping down on multinational corporate tax dodging, illicit cash flows and jurisdictions that […]
OECD says new deal will end tax havens
(CNS Business): Tax havens will no longer exist in five years as a result of new rules aimed at combating tax abuse, the OECD has said. In the wake of the agreement signed last week by over 50 countries, including the Cayman Islands, Grace Perez-Navarro, from the Organisation for Economic Co-operation and Development (OECD), said […]
Panton signs latest global information exchange deal
(CNSBusiness): The Cayman Islands government joined more than 50 countries Wednesday, when it signed the latest agreement to tackle global tax evasion. Wayne Panton, the financial services minister, signed on the dotted line of the OECD’s Multilateral Competent Authority Agreement (MCAA) in Berlin, the latest worldwide standard for automatic exchange of information (AEOI) among tax […]
New OECD standards criticized
(CNS Business): An organisation that campaigns for transparency in the international financial system has criticised the Organization for Economic Cooperation and Development’s released detailed guidelines, released Monday, on the common reporting standard for automatic exchange of financial information. The Financial Transparency Coalition (FTC) said the OECD plan “inches closer to implementation of a global standard but continues […]
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