As published on caymannewsservice.com, Tuesday 16 June, 2020.
(CNS): The Tax Information Authority (Amendment) Bill, 2020 is one of another bundle legislation that will be before the Legislative Assembly later this month in order to tackle the ongoing challenges faced by Cayman’s offshore industry. The tax bill seeks to strengthen the compliance, enforcement and cooperation functions of the Tax Information Authority and help Cayman’s compliance with international standards regarding the exchange of information for tax purposes.
Although Cayman continues to retain a Largely Compliant rating from the OECD and is in good standing with its Forum on Harmful Tax Practices (FHTP), international peer reviews are ongoing and Cayman is seeking to stay ahead of any new demands.
Another five bills have also been gazetted, including another amendment to the Trade and Business Law to deal with more new requirements for Designated Non-Financial Businesses and Professions (DNFBP) and to create a new licence category for dealers in precious metals and stones.
In preparation for the next LA meeting, the Ministry of Financial Services is inviting public comments on the bills.