EU Savings Tax Figures released by Cayman
The Cayman Islands Tax Information Authority has published statistics that revealed the number of reports made to tax authorities in the EU in 2007. The statistics was disclosed in compliance with the Savings Tax Directive.
The 2007 statistics released by the Tax Information Authority (TIA) shows the following:
- The largest number of reports on accounts in the Cayman Islands were sent to the French tax authority (1 579) followed by the United Kingdom (1 283).
- However, the aggregate amount reported to the United Kingdom was much higher – USD 22 million, while France reported USD 1 million.
- The 3rd highest aggregate amount of USD 5.9 million was reported to the Netherlands.
- All in all, 3 862 reports were made to European Union’s member states by the TIA on USD 35 million in savings held in Cayman.
The TIA is the competent authority for the purposes of the reporting of savings income information. The Authority is responsible for receiving the prescribed information from domestic paying agents and transmitting this information to the relevant competent authorities in EU countries.