Business leaders blast US tax haven tag

25-06-2014

Business leaders on the Cayman Islands have blasted comments made by two US watchdog groups that label the Cayman Islands a tax haven.

The comments in the joint report by Citizens For Tax Justice and the US Public Interest Research Group comes against a backdrop of the US government considering changes to their corporate tax code designed to plug so-called tax loopholes.

Anthony Travers, commissioner of the Cayman Islands Stock Exchange, described the comments as misleading and said that US tax laws were designed to prevent US corporations trading outside of the US from being taxed twice.

Gonzalo Jalles, chief executive of Cayman Finance, the organisation representing the financial services industry in the Cayman Island, added that while the US has every right to change its own tax system, Cayman is not facilitating any tax evasion.

Anthony Travers, Cayman, US, Gonzalo Jalles,

Cayman Funds