Noting that developments remain fluid, the Ministry of Financial Services gave local industry associations another update on Cayman’s commitments in relation to the EU’s assessment of jurisdictions’ tax regimes.

The 26 April meeting at the Government Administration Building was attended by representatives from all of Cayman’s financial services industry associations.

In her comments, Financial Services Minister the Hon. Tara Rivers told industry that Government’s process for fulfilling our commitments continues to include their participation. ‘Industry input remains critical’, she emphasised, noting that it will help inform Government’s response to the EU.

But she also underscored that discussions with the EU are continuing and as a result, the process may be adjusted as necessary.

On 5 December 2017, the EU issued a list of 17 jurisdictions that it considered to be non-cooperative in tax matters with EU Member States. It noted that another 47 jurisdictions could enhance their regimes to prevent tax misuse.

Cayman and five other jurisdictions then made commitments to the EU to review their regimes in the area of fair taxation.

‘Cayman made our commitments following discussions with industry in November 2017, prior to agreeing them with the EU’, she said. ‘They are a continuation of our longstanding engagement on international tax matters’.

The 26 April meeting was an update to the Ministry’s 3 March presentation to industry. Further meetings with financial services industry representatives took place during May, leading up to Minister Rivers’s visit to Brussels the week of 20 May.

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IMAGE: Tara Rivers FILE