“Minister for Financial Services Hon. Wayne Panton says FATCA may give an unexpected boost to tourism. When initialing the exchange agreement government negotiated a tax write off for those who hold conferences at hotels and business places in the Cayman Islands. He says this added incentive may help draw people to these shores. ‘Historically, there has been a big question mark whether that is possible, whether it’s an appropriate deduction. We have had confirmation that this will be a benefit that results from this – so we are happy about that,’ said Minister Panton.”
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