Cayman needs to be assertive vs. tax haven claims
The Cayman Islands needs to be more assertive in addressing its reputation as a so-called tax haven, that according to chairman of the Cayman Islands Stock Exchange Anthony Travers.
A recent report by US-based watchdog groups Citizens For Tax Justice and the US PIRG named the Cayman Islands as one of the top tax havens for US companies.
Mr. Travers characterised the report as political poppycock designed to demonise Cayman, and those companies’ practices are in full compliance with current US tax law.
“They are extremely negative and they’re intended to be,” said Mr. Travers, ”I’m afraid one of the consequences we are living with now is the fact that the Cayman Islands Public Relations Initiative have been wholly ineffective over the years with dealing with rebuttals to these kinds of articles.”
The report claims US companies booked profits in the Cayman Islands and Bahamas were more than 16 times the gross national product of the two countries combined.