CAYMAN ISLANDS "TRANSPARENT" FOR TAX PURPOSES
Arrived yesterday from the go-ahead to Senate ratification of the agreement between Italy and the Cayman Islands, already signed in London on December 3, 2012. Even this agreement, like the one already concluded with Principality of Monaco, Liechtenstein and Switzerland, is based on the OECD Tax Information Exchange Agreement (Tiea), to facilitate the exchange of information on request between States that have not signed a double taxation Convention.
In anticipation of that ratification, it was already clear the Cayman Islands black list States for the purposes of the deductibility of costs pursuant to art. 110, co. 10-12 bis of the tax code.
Regarding the deductibility of costs in relation to the black list, native version of D.M. 23.01.2002, with m.d. 27.04.2015 been removed, apart from the Cayman Islands, including the following States: Alderney (Channel Islands, Anguilla, Antilles, Aruba, Belize, Bermuda, Philippines, Gibraltar, Guernsey (Channel Islands), Herm (Channel Islands), Isle of Man, Turks and Caicos Islands, British Virgin Islands, Jersey (Channel Islands), Malaysia, Montserrat.
Following the entry into force of the exchange of tax information, the Cayman Islands will be white list for monitoring. The C.M. 38//2013 has clarified that the list of countries includes collaborative all States that allow a proper exchange of information by means of a double taxation Convention to other agreements.
Taken from Fiscal focus