Cayman Keeps Taxes Steady In New Budget
by Mike Godfrey, Lowtax.net, Washington
01 June, 2016
The Cayman Islands' 2016/17 Budget has preserved the low tax status of the territory with confirmation of no new taxes and the continuation of tax concessions.
Instead, the Budget reiterates Cayman's commitment to implement a centralized platform for the exchange of beneficial ownership information.
The Confidential Relationships (Preservation) Law, which Cayman Premier Alden McLaughlin said has been misrepresented by some as Cayman's "secrecy law", will be repealed by this September. It will be replaced with the Confidential Information Disclosure Law, which will clarify the mechanisms through which confidential information may be shared with foreign authorities. The Cayman Government will also introduce new data protection legislation on par with what is in place in the European Union.
Bearer shares have been "immobilized" since April 2000, and recently passed legislation will abolish bearer shares by July 13, 2016.
McLaughlin said that a project to automate the process for Tax Exempt Certificates is nearing completion.
McLaughlin said: "The economy is moving again. People are investing in Cayman again. Businesses are growing again. Caymanians are finding work again. Government finances are back on track, again. And tax cuts are benefiting everyone."
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