Offshore News: November 2009

02.11.2009 The measures proposed by senior US Congressmen with regard to the Foreign Account Tax Compliance Act of 2009 were welcomed by Cayman Finance. The new proposal sets practices to clamp down on offshore jurisdictions which still practice tax evasion, and aims to improve taxpayer compliance by providing new administrative tools to the US Internal Revenue Service.
The Foreign Account Tax Compliance Act aims to force foreign financial institutions to provide information about their US account holders, grantors and owners.
According to Cayman Finance, the enactment of these measures will contribute significantly to the certainty and stability that is required by the capital markets, and the ability of the Cayman Islands to continue to successfully fund United States institutions from those markets.