Italy takes Bermuda off tax blacklist
Italy has taken Bermuda off a tax blacklist.
The Island has been removed from an Italian hit list of jurisdictions after Economy and Finance Minister Pier Carlo Padoan axed a provision in the country’s tax laws on jurisdictions “should not have a privileged tax regime”.
The 67-jurisdiction list covered places where expenses incurred in transactions with residents in a jurisdiction would not be deductible.
Now the only determining factor is whether countries on the list have an adequate tax information exchange agreement (TIEA) with Italy.
Italy hopes that the changes to their tax laws will increase economic ties with other countries.
Bermuda is one of 21 countries to be removed from the Italian list, including Channel Island states like Jersey and Guernsey, Gibraltar, and Caribbean countries, including the Cayman Islands.
Bermuda signed a TIEA with Italy in 2012 after agreeing a deal two years earlier.
Then-Finance Minister Paula Cox said in 2010 that there were “160 entities in Bermuda with an Italian interest” and that the agreement would help to boost trade between the two countries.
Among the countries still on the Italian list are Switzerland, Liechtenstein and Monaco.
Warning over mobile phone charges
Premier targeted by fake news website
MarketPlace acts to stop carts straying
OBA had chance to discuss race when in power
Hunt for new Cabinet Secretary
Hotel evacuated after water pipe bursts
Marathon celebration for 70th birthday
Bermuda pays tribute to Regis
Azura hotel will welcome guests in 2019
Abandoned boat is a blot on the landscape
Outlet for Bermudian-made products
Internet danger is ‘uncharted territory’
Minors cheered on by his biggest supporters
What will change under the new US tax law
So much more than just horseplay
Take Our Poll