A bill that enables greater tax transparency as set out by the Organisation of Economic Co-operation and Development (OECD) was passed on Friday.The Specified Business Legislation Amendment Act 2011, which was put forward in the House of Assembly last month, was drafted following an initial Phase 1 Assessment carried out by OECD assessors in February last year.This follows the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes held in Bermuda last week.During the assessment, a review of Bermuda’s legislative and regulatory framework was undertaken to determine whether it could support an efficient and effective exchange of information network for tax purposes.Bermuda was one of only two jurisdictions to receive the determination of “elements met” on all criteria necessary for effective exchange of information. However, some inconsistencies were identified in Bermuda’s legislation and regulatory framework, and a set of recommendations were issued by the OECD.As a result Ministry of Finance officials underwent a detailed consultation process with the Island’s industry stakeholders with a view to implement the recommendations without impacting Bermuda’s comparative advantage in the development and provision of financial services to the global community.