New portal for sharing of tax information
The Bermuda Government has created a new portal that meets the island’s obligations under automatic exchange of tax information agreements.
Bob Richards, the Minister of Finance, said the Tax Information Reporting Portal was essential for the island to adhere to international compliance standards and to protect its status as a financial centre.
The new portal will enable overseas tax authorities to access tax information on individuals and multinational companies and was borne out of international agreements designed to clamp down on tax dodging.
“Today’s launch of Bermuda’s automatic exchange of information portal is a milestone in protecting Bermuda as a leading international financial centre,” Mr Richards said.
“It is impossible to remain a viable centre in today’s compliance climate without conforming to the Organisation for Economic Co-operation and Development AEOI regime, especially as it is required by both the European Union and the G20 to meet their standard for international co-operation on tax matters.”
The new rules mandate how countries collect information on the financial account information of individuals and also operations of multinational companies, to the benefit of interested tax authorities.
The new portal confirms the island is meeting its obligations under the OECD CRS (Common Reporting Standard) and OECD CbC (Country-by-Country) AEOI regimes.
“Bermuda is an AEOI Early Adopter jurisdiction, meaning that Bermuda’s portal will receive year 2016 CRS and year 2016 CbC information from Bermuda persons and share the information with all countries that are also AEOI Early Adopters for year 2016 CRS and CbC information,” Mr Richards said.
“Many of the large countries are latecomers by only collecting and sharing under the OECD AEOI regime starting with either year 2017 information or year 2018 information. This includes some of the EU, G20 and OECD countries — some of the very countries promoting these very standards.”
The Ministry of Finance statement added: “Bermuda is the first UK Overseas Territory to join the OECD Base Erosion Profit Shifting committee known as the Inclusive Framework.
“Bermuda has also initiated renegotiation of all four of its double-taxation agreements to revise them to the standard articulated by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS.”
Reporting persons can now access Bermuda’s Tax Information Reporting Portal at www.gov.bm
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