Cayman tax authorityincreases reports to Europe

| 16/09/2010

(CNS): According to the specialist website Tax News, the Cayman Islands increased the number of reports it has made under the European Union Savings Directive during 2009. The total number of reports made by the Cayman Islands’ Tax Information Authority increased from 5,679 in 2008, to 7,397 in 2009. However, while the number or reports was up, the total value of income declared fell significantly from US$25.7 million in 2008 to US$12.25 million in 2009, the tax experts revealed in a specialist report. The biggest number of reports were made regarding accounts based in Cayman went to the French tax authority. Cayman sent 3,602 reports to France last year, an increase from 2,159 in 2008.

The next largest number of reports was from account holders relating to the UK, which was down significantly on 2008. Cayman sent 1,142 reports to the UK tax office compared to 1,643 reports in 2008.The amount also fell substantially from US$13m in 2008, to US$3.3m.
Although the number of reports sent to France was more than the UK, the amount of savings income was still greater based on UK related accounts than those from French offshore account holders, the Tax News report revealed. Dutch residents were recorded as having the highest interest income in 2009, with US$4.48m declared.
The Cayman Islands is party to the European Union Savings Directive, so residents in a European Union country who have accounts in Cayman and receive interest on that money are liable, under the Cayman’s regime, to have information relating to the interest they have earned sent confidentially to their home country’s tax authority.
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