TaxPersonal TaxCayman Islands urge Obama to cease criticism

Cayman Islands urge Obama to cease criticism

Low tax jurisdiction has responded to condemnation in open letter

The Cayman Islands has appealed to Barack Obama to refrain from labelling the
jurisdiction a centre used in the facilitating of tax evasion.

In an open letter to the US president, the Cayman Islands Financial Services
Association rejected recent comments made by Obama which implied ‘that the
subsidiaries of US corporations operating in Cayman are engaging in tax fraud.’

Signatory of the letter, Anthony Travers, chairman of the association, said
‘nothing could be further from the truth’, and while the jurisdiction has a low
rate of tax, it operates legally and transparently.

The Cayman Islands is seeking greater co-operation between the US and
jurisdiction in demonstrating its efforts to promote transparency and
accountability.

Further Reading:

Obama
proposal angers low-tax countries

Fresh
claims over Barclays tax

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