The Tax Information Authority (Amendment) Bill, 2020 (the ‘TIA Bill’) appeared in the gazette on Friday 29th May 2020 and is due to be presented at the next meeting of the Legislative Assembly by the Minister of Financial Services.
The Cayman Islands Government are welcoming feedback on the provisions within the TIA Bill for consideration at the meeting of the Legislative Assembly.
Purpose of the TIA Bill
The purpose of the TIA Bill is to strengthen cooperation, compliance and enforcement functions of the Tax Information Authority (the ‘TIA’). The TIA Bill provisions allow enhanced collaboration between the TIA and other government authorities, under the appropriate legal channels. Such action is likely to enhance the reputation of the Cayman Islands as a tax neutral jurisdiction, as this further demonstrates the commitment by the Cayman Islands Government to take positive action to comply with international standards in relation to the exchange of information for tax purposes.
Current OECD Ratings for the Cayman Islands
Last year, following a review of local legislation including updates to economic substance requirements, the Organisation for Economic Co-operation and Development (OECD) rated the Cayman Islands as ‘not harmful’ (the highest ranking in this area) and concluded that the tax neutral regime meets all economic substance requirements.
OECD Global Form on Harmful Tax Practices: Not Harmful
Global Forum on the Exchange of Information: Largely Compliant
Other international peer reviews and assessments are ongoing, including the Global Forum’s peer review of effectiveness in automatic exchange of information, the follow up reviews of exchange of information on request, and Forum on Harmful Tax Practices monitoring of economic substance implementation.
To review the amendments in full, please click on the link
Services provided in Cayman
Corporate & Services
- Formation & Liquidation of Companies
- Acting as Registered Office/Agent
- Filings with the Registrar
- Compliance services & AML Officers:
- MLRD, DMLRO & AMLCO
- Economic Substance Reporting & Solutions
- Beneficial Ownership Register Maintenance
- Company & Fund Directorships
- Company & Secretarial Assistance
- Cash Management & Monitoring
- Bookkeeping & Accounting
- Tax Transparency Reporting (FATCA/CRS)
- Nominee Shareholders
- Data Protection Services
The list is not exhaustive, and we offer additional bespoke services tailored to meet the specific needs and requirements of our clients. For example, assisting with implementation of economic substance solutions; providing sub-leases, employee secondments etc. We can be flexible and we are happy to charge on a time spent basis or agree a fixed fee in advance where appropriate.
As a firm we have an open-minded entrepreneurial culture, willing to go the extra mile and seek unique effective solutions to assist our clients. We live in an increasingly global business environment and Dominion has evolved to become a key international player in the market, whilst maintaining our flexible boutique approach.
We are led by a team of qualified Accountants, Lawyers, as well as Corporate, Investment and Tax specialists. Our high level of technical expertise enables us to proactively deliver solutions whilst managing and mitigating risks and ultimately creating long-term value for our clients.
For further information or if you wish to discuss any of these changes and the services we can provide please do not hesitate to contact our team in the Cayman office: