KINGSTON, Jamaica The Cayman Islands is scrapping a plan to impose a direct income tax on thousands of expatriates working in the British Caribbean territory that is famed as a no-tax financial center. Premier McKeeva Bush issued a terse statement late Monday saying that his proposed tax was “off the table and will not be implemented.” He did not say what alternative revenues might replace it. The islands leader said only that his administration was “satisfied that many of the commitments from the private sector” will meet his demands for a new source of revenue for the government that wont hit the poorest citizens. Continue reading →