CAB responds to yet another ‘black list’
The Caribbean Association of Banks Inc. (CAB) is once more forced to express its deep concern over yet another “tax-haven” list which includes 15 Commonwealth Caribbean countries. The referred list appears within the District of Columbia’s2015 Budget Support Act which expands the definition of “tax haven” (for purposes of the water’s-edge combined group rules).
This Act is due for passing by the US Congress in just 18 congressional working days from Sunday 20th September, 2015.
While the CAB fully supports the District of Columbia’s efforts to combat tax evasion, the CAB feels that the designation of Caribbean territories as “tax havens” is prejudicial. It is noteworthy that:
1. The Organisation for Economic Co-operation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes have confirmed that all members of the Caribbean Community (CARICOM) are fully or largely compliant and have committed to Automatic Exchange of Information (AEOI);
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