In wake of Brexit, EU to put Cayman Islands on tax haven blacklist – Miles Dean
Miles Dean, Head of International Tax, comments in relation to the EU putting the Cayman Islands on a blacklist of tax havens, less than two weeks after the UK’s withdrawal from the bloc, in The Guardian.
“The Cayman Islands, a British overseas territory, is to be put on an EU blacklist of tax havens, less than two weeks after the UK’s withdrawal from the bloc. In a clear indication of the country’s loss of influence on the EU’s decision-making, the bloc’s 27 finance ministers are expected to sign off on the decision next week.
The EU’s blacklist is an attempt to clamp down on the estimated £506bn lost to aggressive tax avoidance every year but member states are not “screened” in the process of drawing up the blacklist…
Miles Dean, head of international tax at Andersen Tax UK, said: “The Cayman Islands already has legislation to obtain information that is far better than the UK’s.
“The economic substance rules are an attempt by the Organisation for Economic Co-operation and Development and the EU to strong-arm minor jurisdictions that often have a significant role in world finance. Is this a ploy to drive business to Luxembourg, or just post-Brexit spite?””