(CMR) In light of the agreement by G7 nations to a 15 percent corporate tax which will require large businesses to pay taxes in countries where they operate but have no headquarters, Jude Scott, CEO of Cayman Finance, has assured that Cayman will continue to play an important role in the recovery from a global pandemic.
“The Cayman Islands is a tax neutral jurisdiction, and our financial services industry is the world’s leader in international investment funds, which are internationally recognized as tax neutral. Cayman achieves tax neutrality in the simplest and most cost-effective way possible: it does not add another layer of tax on top of that imposed by other jurisdictions. This enables our financial services industry to do what it does best, facilitating investment throughout the world, thereby driving global economic growth and prosperity,” Scott said.
He added, “Our industry will continue to play this important role, much needed during this time of recovery from a global pandemic, following any implementation of a global minimum tax rate for multinational enterprises.”
Scott said Cayman's “tax-neutral regime recognizes the importance of taxing the right people, at the right place, at the right time. Indeed, Cayman’s tax information-sharing commitments enable more effective tax collection by other jurisdictions.”
“Taken as a whole, Cayman’s tax neutrality and international commitments protect against tax evasion, aggressive tax avoidance, unfair tax competition, and any tax harm to other jurisdictions. That’s a record we are proud of and will continue to advocate for in international standard-setting efforts,” he stated.