Nick Thornton (Fried, Frank, Harris, Shriver & Jacobson) assesses the potential impact of the Cayman Islands’ recent inclusion.
What is the EU blacklist?
The stated purpose of the EU blacklist is to assist EU member states in taking a more robust approach towards jurisdictions which are perceived to be encouraging so-called abusive tax practices. Abusive tax practices are regimes which provide for a low or zero rate of tax without requiring a sufficient degree of connection to or substance in the relevant jurisdiction or which do not provide for an adequate degree of transparency or which do not correspond to internationally accepted principles of profit determination.
Why has the Cayman Islands been added to the blacklist?
Although the Cayman Islands has recently introduced economic substance requirements for certain Cayman entities the EU Council stated that the...
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Nick Thornton (Fried, Frank, Harris, Shriver & Jacobson) assesses the potential impact of the Cayman Islands’ recent inclusion.
What is the EU blacklist?
The stated purpose of the EU blacklist is to assist EU member states in taking a more robust approach towards jurisdictions which are perceived to be encouraging so-called abusive tax practices. Abusive tax practices are regimes which provide for a low or zero rate of tax without requiring a sufficient degree of connection to or substance in the relevant jurisdiction or which do not provide for an adequate degree of transparency or which do not correspond to internationally accepted principles of profit determination.
Why has the Cayman Islands been added to the blacklist?
Although the Cayman Islands has recently introduced economic substance requirements for certain Cayman entities the EU Council stated that the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
