Burt: EU affirms Bermuda’s tax compliance
Bermuda’s status as a co-operative tax jurisdiction has been reaffirmed by the European Union’s Economic and Financial Affairs Council.
But the British media have highlighted that Bermuda is among 47 jurisdictions warned to take extra steps to prevent corporate tax avoidance.
The island is not on an EU blacklist, but the Economic and Financial Affairs council, known as Ecofin, included the island among states that have agreed to take measures against companies concealing their profits.
The EU report said that Bermuda, along with five other jurisdictions, has pledged to address “economic substance concerns” by the end of 2018.
David Burt, the Premier and Minister of Finance, welcomed the announcement by the EU in the wake of global interest in the hacking of Bermudian-based law firm Appleby.
Bermuda was forced into the spotlight after the leak of millions of documents last month that detailed the tax and financial affairs of wealthy Appleby clients.
Mr Burt said: “The outcome of the Ecofin decision demonstrates Bermuda’s position as a global leader in international tax transparency.
“Bermuda is not a place to hide money, given its Common Reporting Standard and Country by Country automatic reporting regimes and membership in the OECD Inclusive Framework on Base Erosion and Profit Shifting.
“Any legitimate tax authority can request and receive information from Bermuda, under 100-plus tax-transparency relationships pursuant to the OECD multilateral tax treaty, and more than 40 bilateral Tax Information Exchange Agreements.”
The Premier said Bermuda “welcomes” continuing dialogue with the EU’s code of conduct group and EU member states.
Mr Burt added in a statement last night: “Bermuda is a recognised jurisdiction for being transparent and co-operative.
“As recently as last week, I signed a CbC Reporting Agreement with the United Kingdom, the first Overseas Territory to do so.
“Earlier today, Bermuda was reaffirmed by the EU as a tax transparency leader and a co-operative jurisdiction.
“Bermuda has committed to continued engagement with the EU and the OECD to maintain Bermuda’s global leadership in this area.”
Ross Webber, chief executive officer of the Bermuda Business Development Agency, said: “Given Bermuda’s strong record on transparency, compliance and co-operation, it’s the result we expected. We’ll continue to monitor the situation and in the interim, we’ll continue to promote Bermuda as the elite, unique jurisdiction it is. We’ll also continue to drive home the message that Bermuda is different.”
The Premier was in Miami and Miami Beach yesterday to meet the mayors of the cities, together with business leaders, including the Miami Chamber of Commerce.
Mr Burt said: “It’s important to establish business links in cities where Bermuda already enjoys direct travel connections. We carry out many of these initiatives in New York and London, but there’s more we could do in growing economies such as Miami to capitalise on potential.”
BA pilots to strike on September dates
Employers stealing from employees
Repeat DUI offender banned for five years
More suspected asbestos found at school
Not parents’ job to fund child’s degree
Radical reform needed in public service
Demolition site decoration highlights Pride
Survey: small rise in jobs number
Rallying cry for independence
Repeat drink-driver jailed for a year
Police name tourist in jet ski death
Nolan captures Gold Cup goals and glory
Hotel beehives in an eco-responsible way
New home sought for antique church organ
New strategy to boost air arrivals
Linking art and psychology
Take Our Poll
- "What is the most significant reason for Bermuda residents choosing to leave the island?"
- Too small
- Different way of life
- Cost of living
- Gang activity and general crime
- Jobs/professional advancement
- Attitudes towards gays
- Total Votes: 5235
- Poll Archive