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Cayman Enterprise City, a Technology-based Special Economic Zone, Launches in the Cayman Islands

George Town, Grand Cayman, Cayman Islands (PRWEB) March 07, 2012

Cayman Enterprise City (CEC), the first technology-based Special Economic Zone of its kind in the Caribbean region, is now open for business and welcoming its first clients. The official launch of the SEZ was observed at a celebration attended by His Excellency the Governor of the Cayman Islands Mr. Duncan Taylor, Cayman Islands Premier, the Honorable McKeeva Bush, CEC executives and prominent business and community leaders. In January 2011 the Premier signed a Memorandum of Understanding allowing the CEC Development company exclusive rights to develop and operate a special economic zone, intended to attract internet, technology, commodities and derivatives, media, and biotechnology companies from around the world.

Speaking at the launch event Premier Bush commented on the expedited process that resulted in the timely launch. “It is an incredible accomplishment when we consider how much the elected government, the civil service and Cayman Enterprise City have achieved together in 12 short months to make this project a reality,” he said. The Premier added that the Special Economic Zones Law was passed by the Legislative Assembly in September 2011 and the Special Economic Zone Authority was established shortly after that. The Authority held its first meeting in December and is now licensing the first zone companies.

“The cooperation and pro-business attitude of the Cayman Islands government and the civil service has been outstanding,” noted Cayman Enterprise City CEO Jason Blick. “They truly understand the positive effect the zone will have on Cayman, and their support has been incredible.”

Cayman Enterprise City is expected to develop into the third pillar of the Cayman economy, alongside financial services and tourism, by attracting new technology based industries and global brands into establishing a physical presence in the Cayman Islands. A February Moody’s Investors Service report stated that CEC is an “important and credit positive diversification opportunity for this small island economy.” Around the globe SEZs have consistently boosted local economies, not only through direct foreign investment, but also by creating highly skilled jobs within the zone and generating work outside the zone in support sectors including construction, services and supply services.

The unique concessions offered through Cayman Enterprise City place it in the top 1% of all SEZs in the world and CEC’s guaranteed 10-day, fast-track set up of operations makes it easy for companies to quickly establish an office in Cayman’s tax-neutral jurisdiction. Companies in the zone are exempt from work permits and import duties. Some may be able to cut operational costs in half, and because all transactions are done from Cayman’s tax-neutral jurisdiction, companies are also guaranteed protection of intellectual property. Client businesses of Cayman Enterprise City also enjoy 100% foreign ownership;100% exemption from Income Tax, Corporate Tax and Capital Gains Tax for 50 years.

About Cayman Enterprise City

Cayman Enterprise City is a Special Economic Zone being developed in a state-of-the-art campus of innovative and sustainable architecture in Grand Cayman, designed to complement and respect the local environment. It will include: Cayman Internet & Technology Park, Cayman Biotech Park, Cayman Media Park, Cayman Global Commodities & Derivatives Park, Cayman Outsourcing Park and Cayman International Academic Park. There will be no manufacturing or industrial businesses within the zone. International businesses establishing within the zone will not be permitted to trade in Cayman outside of the zone so they cannot compete with local businesses. For more information call 345-945-3722, e-mail info@caymanenterprisecity.com or visit http://www.caymanenterprisecity.com.

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2011 Tax Code Changes from the Accounting Aisle

2011 Tax Code Changes

Denver, CO (PRWEB) January 13, 2011

The Accounting Aisle says that tax filers need to be aware of significant changes to the 2011 tax code. The changes effect filers in all tax brackets. “It’s nearly impossible for an average person to keep up with all the changes in the tax code,” says Steve Hastert, president of the Accounting Aisle, an online service which matches tax payers with local accountants and CPAs. “The code becomes more complex every year and the changes are accelerating”

Using an accountant to file personal taxes is more important than ever this year. “With budget shortfalls, state and federal governments are watching returns closer than ever. It’s best to get the return right the first time,” says Hastert. A reliable tax accountant will make sure you adhere to the rules and help you take advantage of tax exemptions.

The Accounting Aisle has some notable changes in the 2010 tax code:

3 Extra Days – Due to the observation of Emancipation Day by the District of Columbia on April 15 th , the deadline to file 2010 federal taxes is April 18 th . The IRS was unable to make all the changes that were passed in late December and said they wouldn’t be able to process all returns until late January of February.

Reporting Changes – Rental property owners must begin filing a 1099-MISC for any service provider who does $ 600 or more of work. Examples would be plumbers, electricians, or painters who did work on the rental property. While the forms don’t need to be filed until January 2012, owners need to begin keeping accurate records of all payments to providers. To get ready give a W-9 to every provider.

Social Security Rate Changes – The payroll deduction for Social Security has dropped 2%; from 6.2% to 4.2% for wages up to $ 106,800. The rate for the employer match remains at 6.2%. There is a corresponding 2% drop in the self employment tax rate from 15.3% to 13.3%.

No Rate Changes – 2011 federal IRS tax rates remain the same as 2011 levels. The brackets are a bit higher for the annual inflation adjustments. Rates for capital gains and dividends also remained the same.

Tax credits Reduced – Several tax credits are reduced including the child tax credit, hope education credit and earned income tax credit. The making work pay tax credit expires in 2011.

Tax Credits Extended – The energy tax credit for homeowners, the American Opportunity Tax Credit, and the teacher classroom expense deduction were all extended for 2011.

Estate Tax Returns – The estate tax is returning, but will offer a generous exemption. It excludes the first $ 5 million for single individuals and $ 10 million married couples. These exemptions mean that most Americans won’t owe any estate tax upon their deaths. Those with estates larger than $ 5 million ($ 10 million for married couples) would be taxed at a rate of 35% on the amount in excess.

New Standard Deduction – 2011 standard deductions for married couples filing a joint return is up $ 200 to $ 11,600. Singles and married individuals filing separately is up $ 100 to $ 5,800.

Flexible Spending Accounts (FSA) – You may no longer pay for over-the-counter medication using pre-tax FSAs. Drugs with a prescription or other medical items including crutches can still be paid for with pre-tax dollars.

Roth IRA Conversion – There is no longer an income limit when converting a traditional IRA to a Roth IRA.

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.