The Cayman Finance Summit, which is scheduled for 6 May 2010, has added another presentation to the already impressive line up of leading economists, legislators and practitioners. Steven Cantor
, managing partner at Cantor & Webb Attorneys at Law will be providing insight into a recent piece of US legislation and the affects this act will have on Cayman.
The “Hiring Incentives to Restore Employment” Act of 2010 (HIRE Act) is the latest effort by the US Government to restrict the use of offshore structures. Contained within the HIRE Act are a series of tax provisions designed to combat noncompliance of tax laws and end several perceived abuses related to foreign accounts and entities owned by United States residents. The new law affects not only US residents with interests in offshore accounts, trusts or other entities but also the foreign financial institutions at which such accounts or entities are maintained. Some of the principal matters to be discussed include:
• Increased Withholding and Disclosure Obligations
• Provisions Related to Foreign Trusts
• Increased Penalties and Extended Statute of Limitations
• Other Disclosure Provisions
• Increased Need for An Audit of US Involved Trust Inventory
The HIRE Act is the result of the Bill put forward by Senators Bacchus and Grassley and was one that Cayman Finance was highly involved in lobbying for as an alternative to Senator Levin’s protectionist and potentially damaging bill.
Tickets for the 1st Annual Cayman Finance Summit are selling fast with a wide spectrum of the community showing interest in hearing from the high calibre speakers who will be coming to Cayman to discuss their views on economic principles.
The Summit is being supported through the generous sponsorships of: The Alternative Investment Management Association, Deloitte, Osetra Bay and Cayman Financial Review.
Cayman Finance is the not-for-profit association that is the voice of Cayman’s financial services industry, promoting the high quality, transparency and integrity that makes Cayman a leading international financial centre.
Funded by the private sector and partnering with the Cayman Islands Government, Cayman Finance’s mission is to educate the media, politicians and the public at large about the positive impact Cayman’s financial services industry has on both global and local economies.