Government of Bermuda Commits to EU Tax Compliance Review
Bermuda has affirmed its record in terms of transparency and international compliance, ahead of EU talks this week. The Bermuda delegation will be led by the Premier, The Rt Hon E. David Burt, JP, MP.
In a statement, the Premier said: “This week I have a series of meetings in London, Paris and Brussels. Bermuda has a recognized leadership position in transparency and compliance, and ranks ahead of many leading developed economies in international indices and reports.”
There is already an automatic exchange of information due to the adoption of the ‘Common Reporting Standard’ as a benchmark for tax transparency and with country by country reporting that provides the EU Member States with the information they need to police corporate tax compliance.
Bermuda’s commitment to the BEPS (Base Erosion and Profit-Shifting) Inclusive Framework which obliges the island to enforce BEPS minimum standards and to support the OECD BEPS Multilateral Instrument. Bermuda has been ranked ‘largely compliant’ by the OECD with respect to TIEAs.
The Premier stated that “Bermuda has significant substance in its financial services sector and is committed to dialogue with EU on any points of concern in the design and operation of its financial centre.
“Bermuda has always raised revenue mainly from indirect taxes and has never had corporate taxation. There is, accordingly, no basis for thinking that Bermuda’s tax system design is “aimed at” attracting business from others.”
(Source: Government of Bermuda)
