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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.

Transparency on tax: Then-Premier and Finance Minister Paula Cox exchanges TIEAs with His Excellency Italian Ambassador Alain Economides at the Italian Embassy in London in April 2012

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Published April 07, 2015 at 9:00 am (Updated April 06, 2015 at 8:35 pm)

Italy takes Bermuda off tax blacklist

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