Above: UK Prime Minister David Cameron

By the Caribbean Journal staff

United Kingdom Prime Minister David Cameron met Saturday with Cayman Islands officials on the issue of “tax, trade and transparency” in London.

In a statement, Cayman’s government called the talks a “very constructive exchange of views on the practical steps needed to tackle the global problem of tax evasion.”

Cayman said it has agreed to three important steps in that regard, including playing an “active part” in a new pilot initiative on automatic sharing of tax information, publishing national action plans on beneficial ownership, and committing to joining the Multilateral Convention on Mutual Administrative Assistance on Tax Matters.

“We support the Prime Minister’s view that as we free up the world economy we must make sure openness delivers benefits for rich economies and developing countries alike and that we maintain confidence in the fairness and effectiveness of our tax systems and in the operation of global markets,” Cayman’s government said. “Tackling tax evasion and fraud is a global responsibility in which we will continue to play our full part.”

The meeting came within the context of the “Open for Growth” event, ahead of the G8 Summit.

In his speech at the event, Cameron said he would push for agreements to fight for what he called the “scourge of tax evasion and aggressive tax avoidance.”

“That means automatic exchange of information between our tax authorities – so those who want to evade taxes have nowhere to hide,” he said. “It means getting companies to report to tax authorities where they earn their profits and where they pay their tax. It also means transparency about who owns which companies and who benefits from it – so called beneficial ownership.”