Tag: OECD
OECD warns of global economic slump due to COVID-19
(CNS): The Organisation for Economic Co-operation and Development is warning governments that the novel coronavirus, COVID-19, could cause significant economic disruption, with travel and tourism included as industries that will be most affected. More than 90,000 people have now been infected with COVID-19 globally and about half of them have recovered. More than 3,000 people […]
OECD says Cayman tax regime not harmful
(CNS): As Financial Services Minister Tara Rivers prepared to steer another dozen pieces of legislation relating to the offshore sector through the Legislative Assembly today (Wednesday), a new assessment by the Organisation for Economic Co-operation and Development (OECD) found that this jurisdiction and 11 others with low or no tax regimes are not harmful to […]
UK territories blamed for bulk of global tax dodging
(CNS): The UK’s overseas territories are largely responsible for the breakdown in the global tax system and helping major global corporations dodge their tax obligations, according to a new report released Tuesday. The British Virgin Islands, Bermuda and the Cayman Islands are listed as the top three jurisdictions in the world that have “aggressively undermined […]
Premier back on the road in offshore fight
(CNS): Premier Alden McLaughlin left the Cayman Islands Wednesday, heading off on another UK-Euro-US trip to continue the work of keeping the jurisdiction from appearing on any more black-lists, as the fight to protect the financial sector here intensifies. McLaughlin, who has increasingly taken on the lead role in defending the offshore industry, despite having […]
OECD reps appear to give thumbs up to Cayman
(CNS): Government has revealed that two high-ranking representatives from the OECD Centre for Tax Policy and Administration were in the Cayman Islands last week, and they appear to have given the jurisdiction a thumbs up over its cooperation and new legislation regarding global tax issues. In a release from the financial services ministry, the centre’s […]
New laws to shake up offshore sector
(CNS): Government has unveiled three new bills that will result in fundamental changes to the way some exempted companies do business in the Cayman Islands. Just weeks before the European Union’s deadline for offshore financial centres to address requirements over what it sees as unfair tax practices in order to dodge the latest black-list, Financial […]
Rule change paves way for more aid to BOTs
(CNS): The Organisation for Economic Co-operation and Development (OECD) has agreed to a rule change that allows more aid to go to wealthier countries in the event of disasters, which means Britain could in future offer more financial support to its overseas territories, including Cayman, in the wake of a hurricane. The news was revealed […]
