Tag Archive for Cayman Islands

Beneficial Ownership Registry for the Cayman Islands is Imminent!

On November 4, 2013, Wayne Panton, the Minister for Financial Services, Commented on the Commencement of Cayman’s Consultation on its G8 Action Plan.

On 31 October, the United Kingdom announced a proposal for a public register of beneficial ownership information, following the results of its public consultation. If implemented, the register conceivably would allow a citizen of any country to access information on the beneficial owners of UK-registered entities.

In the Cayman Islands, we also are assessing our regime on beneficial ownership. In our action plan on the misuse of companies and other legal structures, published immediately following the June G8 Summit, we committed to assess whether a central Read More

Written by | Posted in Caribbean • Europe, Middle East • OECD

Australian Tax Court Uses Documents Improperly Obtained In Breach Of Exchange Of Tax Information Agreement

iStock_000024834312XSmallIn the Australian Federal Court on Tuesday (8 October) Justice Perram allowed the Australian Tax Office (“ATO”) to use documents obtained in apparent breach of the exchange of the Tax Information Agreement (“TIA”) between Australia and the Cayman Islands.

It appears that the Cayman Islands Tax Information Authority (“CITIA”) erroneously provided the ATO with information for tax years prior to the date set as operational for the agreement.

The Australian court’s decision has effectively validated an effective retrospective application of the Cayman’s TIA, at least in this case.

The judgement (in Hua Wang Bank Berhad v Commissioner of Taxation (No 7) [2013] FCA 1024) found that although the Caymans Grand Court had decided on 13 September 2013 that the CITIA decision on 23 February 2011 to provide the information to the ATO should be set aside and the documents should be returned; Read More

Written by | Posted in Australia/Oceania • IRS • Tax Provision/Tax Reporting