From TPA Global

At the European Parliament’s TAXE2 Committee meeting in Brussels, the Cayman Islands Financial Services Minister Wayne Panton defended the position of the Cayman Islands and “enlightened” EU officials about country’s tax system. The minister also expressed concerns about initiatives of some of the EU’s politicians.

Explaining the Cayman’s Tax System

The minister explained the Cayman’s position with regards to the indirect tax system and explained many other reasons why the Cayman Islands is a jurisdiction of choice apart from the tax neutrality. The minister Wayne Panton also addressed questions regarding the reliance on the private sector. He said it was the first opportunity to “enlighten them about our system” and “to define key features of our economic model for European Union lawmakers.”

“For too long we have kept our heads down and not justified our existence, but we are now unapologetic about what we do and the value we add to global economy, even in face of some who would cast allegations against all financial centers,” he said.

Worrying Trend

The Cayman Islands financial services minister Wayne Panton said that there is a worrying trend in attitudes towards offshore financial services in Europe that would go well beyond concerns about automatic exchange of information and public access to beneficial ownership. The minister said that some of the European politicians “want to take us back to the 1990’s and penalize countries for their internal tax systems.” He also warned that the financial centers with no direct tax could merge on new blacklists.

Panama Papers to Justify Radical Proposals

Minister Wayne Panton said that the talk should be about transparency and that addressing tax rates is inappropriate. “They are trying to use the Panama Papers, in my view unfairly, to justify draconian proposals again. Although this is far from certain, the mere mention of it is a concern,” he said.

Sources: CNSBusiness, Cayman Reporter

For more on this story go to: http://www.tpa-global.com/news/2016/04/29/cayman-s-minister-concerned-about-initiatives-in-the-eu

See related iNews Cayman story published April 25 2016 “Cayman Islands Minister Panton speaks at European Parliament meeting” at: http://www.ieyenews.com/wordpress/cayman-islands-minister-panton-speaks-at-european-parliament-meeting/

IMAGE: Hon G Wayne Panton MLA