Archive for May, 2013

US, UK, Australia to provide Tax Information to Cayman

Tuesday, May 14th, 2013

It has been announced that the tax administrations from the United States, the United Kingdom and Australia have developed a plan to share tax information involving trusts and companies holding assets on behalf of residents in jurisdictions worldwide including the Cayman Islands.

The Internal Revenue Service (IRS), the Australian Taxation Office and HM Revenue & Customs (HMRC) are each said to have acquired a substantial amount of data revealing extensive use of such entities organized in a number of jurisdictions including the Cayman Islands as well as Singapore, the British Virgin Islands, and the Cook Islands. The data contains both the identities of the individual owners of these entities, as well as the advisors who assisted in establishing the entity structure.