Mac slams FACTA agreements with US and UK

| 03/02/2014

(CNS Business): The former premier of the Cayman Islands has said that he would not have signed the Foreign Account Tax Compliance Act (FATCA) agreement with the United States or the similar deal which the Cayman government has signed with the UK had he retained power. McKeeva Bush, now the opposition leader, said that the deals extend the tax laws of both the US and the UK to other countries and that cannot be right. He said both the agreements that the current administration has signed give no benefits to Cayman, which already complies with all international treaties. Bush said that he had told the UK treasury officials when he was in London in 2012 that he would not sign the deals and warned that these agreements would “come back to bite us”. Read more on CNS Business

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