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28 December 2012 - There’s just 4 days left to avert the so called ‘Fiscal Cliff’ which refers to the economic effects resulting from tax increases.  No deal would mean a tax hike for nearly every American tax payer and relief checks to two million jobless Americans would also stop. Later in the year would see huge spending cuts possibly triggering another US recession.  Chairman of Cayman Finance Richard Coles says this could impact tourism in the Cayman Islands.

(Cayman Islands Chamber of Commerce) In light of the no-confidence motion against the United Democratic Party, which was passed in the Legislative Assembly late this afternoon, Cayman Finance Chairman, Mr Richard Coles, has reiterated the independence of Cayman’s financial services industry. The no-confidence vote comes on the back of the Premier’s arrest last Tuesday by the Royal Cayman Islands Police Service.

Following its statement released on Tuesday, 11 December regarding the recent arrest of the Cayman Islands’ Premier, McKeeva Bush, Cayman Finance Chairman, Mr Richard Coles, wants to reassure the community that the Association is taking seriously the impact of the allegations against the Premier and has taken steps to ensure the interest of Cayman’s financial services industry is well represented.

In response to a short and peaceful “protest” by supporters of the US –based CodePink group who were visiting the Cayman Islands on a cruise ship today [13 December 2012], Richard Coles, Chairman of Cayman Finance, stated: “We’re always happy to welcome visitors to Cayman, to enjoy the waves and sunshine, and to learn more about our island’s economy. 

The Cayman Islands and Italy signed a tax information exchange agreement on Monday.  “We are pleased to see this tax information exchange agreement come to fruition, and we note that Italy is in the final of the G7 countries to have a TIEA signed with the Cayman Islands,” he said.