Category Offshore Taxation

Cayman Islands to Increase Fees and Taxes

October 8, 2009 Offshore TaxationTax HavensTaxation in Cayman Islands  No comments

The Cayman Islands government has tabled a new budget which proposes to raise taxes and fees for the nation, though this has ensured the approval of the British government in attaining the loans necessary for the ailing jurisdiction.

In the face of a KYD40.8 million fall in revenues and a KYD56.2 million escalations in expenditure, the Cayman Islands government had sought assistance in the form of loans. Permission to increase the British jurisdiction’s debt balance was denied by the British government. It was requested that the Cayman Islands increase their tax base or levels to ensure that it does not post a budget deficit in the following fiscal year. With the new budget, permission has been given for the Cayman Islands to pursue and accept rescue loans.

It is estimated by the Cayman ...

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