EU ambassadors to discuss blacklist
A meeting of European Union ambassadors will today consider whether Bermuda and nine other jurisdictions should be added to the EU’s blacklist of non-cooperative tax jurisdictions.
The meeting was scheduled to have been held on Wednesday, but was postponed until today, an EU source told The Royal Gazette.
The outcome is not expected to be known until after a meeting of EU finance ministers reviews the list on March 12.
The aim is to take stock of the commitments taken by third countries, and check whether the promised tax reforms have been properly implemented. Bermuda is among a group of jurisdictions that are addressing concerns relating to economic substance.
Earlier this week, David Burt said the island’s Economic Substance Act and regulations meet the requirements of the EU, and that Bermuda “should properly be omitted from any list of non-co-operative tax jurisdictions”.
The Premier added: “I am confident that a fair examination of Bermuda’s legislation in this area of economic substance will clearly show that we have complied with the standard required of us and we should properly be omitted from any list of non-cooperative tax jurisdictions.”