Financial services minister attends EU Tax Symposium

Minister for Financial Services André Ebanks recently attended the invitation-only 2023 EU Tax Symposium for key EU international tax cooperation and policy decision makers. 

Minister Ebanks was invited by Paul Tang, the chair of the EU Parliament’s Subcommittee on Tax Matters (FISC), to the 24-25 October symposium in Brussels. FISC was established to assist in the fight against tax fraud, tax evasion and tax avoidance, as well as for tax transparency purposes. Minister Ebanks spoke in front of the subcommittee in November of last year to provide a better understanding of Cayman’s cooperation with jurisdictions globally to prevent and detect international tax crimes.

It was the first time European Parliament and the European Commission jointly organised the EU Tax Symposium. In addition to Minister Ebanks and the Department for International Tax Cooperation’s Senior Policy Advisor, Alfred Tweneboah, attendees included the EU’s Commissioner for the Economy, Paolo Gentiloni; European Commission Executive Vice President, Valdis Dombrovskis; and Gerassimos Thomas, the head of the Directorate-General for Taxation and Customs (DG TAXUD). 

The symposium, which included ancillary events such as a gala dinner, provided further opportunities to engage with the EU and other members of the international financial services community, such as the OECD’s Director of the Centre for Tax Policy and Administration Manal Corwin, and the OECD’s Deputy Secretary-General

Fabrizia Lapecorella; former OECD Director of the Centre for Tax Policy and Administration, Pascal Saint-Amans; industry stakeholders; non-governmental organisations; and representatives from UK Crown Dependencies and Overseas Territories. 

“While we were at the symposium, we had the opportunity to describe our regime, gain insights into international trends, and learn the prospective direction of EU tax initiatives, to keep the Cayman Islands at the forefront of these matters. The Cayman Islands’ invitation to this event, and the reception we received, strongly indicates that our proactive engagement approach is building mutually respectful relationships, which foster constructive dialogue with our European counterparts,” Minister Ebanks said.

The symposium was hosted during the same week as the Financial Action Task Force Plenary, which was held in Paris. Based on the order of agenda items for each event, Minister Ebanks was able to set a schedule that enabled him to attend key parts of both events. The Cayman Islands was removed from the FATF’s grey list on Friday, 27 October.

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