Expat tax flawed say local lawyers

| 01/08/2012

egg-broken.jpg(CNS Business): The Cayman Islands Law Society is the latest private sector group to oppose the premier’s idea of a 10% payroll tax on expatriate workers, describing the idea as "flawed". The group, which represents those that sustain the country’s so-called ‘golden goose’ of offshore finance, say the proposal will cause long term damage to Cayman’s entire economy without addressing the fundamental problems of public spending. Government needed to understand that the group it proposed to tax was mobile and a tax on people that can leave was not sustainable, the society said. It also criticized government’s failure to understand the economic principles that had sustained Cayman the last 30 years. (Read more on CNSBusiness)

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