GEORGE TOWN, Cayman Islands–(BUSINESS WIRE)–Cayman Finance issued the next assertion by CEO Jude Scott following the announcement by G7 Finance Ministers that they’ve reached settlement on a worldwide minimal company tax charge:
“The Cayman Islands is a tax impartial jurisdiction and our monetary companies trade is the world’s chief in worldwide funding funds, that are internationally recognised as tax impartial. Cayman achieves tax neutrality within the easiest and most cost-effective manner doable: it doesn’t add one other layer of tax on high of that’s imposed by different jurisdictions. This permits our monetary companies trade to do what it does greatest, facilitating funding all through the world, thereby driving international financial progress and prosperity.
Our trade will proceed to play this vital position, a lot wanted throughout this time of restoration from a worldwide pandemic, following any implementation of a worldwide minimal tax charge for multinational enterprises.
Our tax impartial regime recognises the significance of taxing the suitable folks, on the proper place, on the proper time. Certainly, Cayman’s tax information-sharing commitments allow more practical tax assortment by different jurisdictions.
Taken as a complete, Cayman’s tax neutrality and worldwide commitments shield in opposition to tax evasion, aggressive tax avoidance, unfair tax competitors and any tax hurt to different jurisdictions. That’s a file we’re pleased with and can proceed to advocate for in worldwide standard-setting efforts.”
About Cayman Finance:
Cayman Finance is the affiliation of the monetary companies trade of the Cayman Islands, a premier international tax impartial monetary hub effectively connecting regulation abiding customers and suppliers of funding capital and financing world wide.
Cayman Finance represents first charge service suppliers inside funding funds and asset administration, banking, insurance coverage, reinsurance, capital markets, and trusts sectors and world class fiduciary, authorized, and public accounting service suppliers. Moreover, Cayman Finance represents 15 trade associations.
Study extra at: www.caymanfinance.ky