Cayman Finance response to ‘The State of Tax Justice 2020’ report
Tax Justice Network’s distorted interpretations of the Cayman Islands’ statistics get more inaccurate, further from the facts and less believable as they continue to be undermined by the credible findings of recognised international bodies like the OECD and the EU.
Just last month the EU completed an exhaustive, multi-year review of the Cayman Islands tax neutral regime and found it to be transparent, consistent with good tax governance principles and without the existence of harmful tax regimes. Despite enormous pressure from critics to blacklist the Cayman Islands, the EU – to its credit – drew conclusions based on the facts, which is something the Tax Justice Network has not done.
The Cayman Islands tax neutral regime supports a level of transparency that arguably makes it better at combatting tax evasion, aggressive tax avoidance and base shifting than those jurisdictions that rely on often opaque systems of Double Taxation Treaties. The Cayman Islands financial services industry thrives as a transparent, internationally cooperative jurisdiction that continues to support global economic growth and recovery benefitting countries and millions of people around the world