Cayman Hearing announced by Senate Panel
The US Government Accountability Office (GAO) has been carrying out an investigation of a Cayman Islands building listed as the address of thousands of companies, and their evaluation of US tax compliance implications. The investigators will report the findings of their investigation to the Senate Finance Committee.
Investigators are expected to report at a Finance Panel hearing on July 24. The report should contain information on how many American businesses have addresses in the Cayman Islands as well as on how many American corporations have subsidiaries in Cayman. They will also provide a review on the substantial presence of hedge funds in Cayman along with other financial industries, the amount of assets involved, how easy it is for US citizens to establish an offshore company in this jurisdiction. Investigators will also deal with the question what challenges are faced by the US Internal Revenue Service (IRS) when attempting to uncover offshore tax evasion.