The G7 announcement, which would predominately affect multinational enterprises, aligns with the Cayman Islands’ overall position that taxes should be paid where they are rightfully owed.
While the Cayman Islands’ primary business is investment funds, which are tax neutral under international tax rules, we continue to support international tax compliance by adhering to international tax standards.
On 31 October Cabinet approved the Merchant Shipping Bill, 2023 which, amongst other things, provides a modernised maritime legislative framework. Its publication in the Cayman Islands Legislation Gazette on 3 November launched a 28-day public consultation period that will end on 30 November 2023.
Liquor licence holders will be granted an extension beyond regular closing times on New Year’s Eve.
Minister for Financial Services and Commerce, the Hon. André Ebanks, recently attended the invitation-only 2023 EU Tax Symposium, which also was attended by key EU decision makers in the area of international tax cooperation and policy.
The Cayman Islands – after two years of sustained hard work and engagement, both locally and internationally – is embracing today’s Financial Action Task Force’s (FATF) decision to remove us from its anti-money laundering “grey list,” as FATF has determined that our AML regime now meets the global standard.