Commission Rejects Direct Taxes In Hedge Fund Haven

Mar 23 2010 | 3:22am ET

Direct taxes would be a bad idea in the Cayman Islands, domicile of approximately 80% of the world’s hedge funds, a blue-ribbon panel has said.

The Miller Commission, headed by former U.S. Federal Trade Commission Chairman James Miller, warned that imposing direct taxes could imperil the islands’ financial services industry.

The commission was created at the behest of the British government, which last year approved the Caymans’ request to exceed its debt limits.

“Our position is, and will continue to consistently be, that we do not believe that direct taxes are good for this country,” McKeeva Bush, the Cayman prime minister, said.

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