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Bermuda Dumbfounded By EU Blacklist Inclusion

by Mike Godfrey, Lowtax.net, Washington
19 June, 2015

Bermuda's Minister of Finance Bob Richards has called the territory's inclusion on a new EU tax blacklist "unjustified and baseless."

The EU tax blacklist was included in the European Commission's new Corporate Tax Reform Action Plan, which was released on June 17, 2015. It is a list of those territories that feature on 10 or more EU member state blacklists.

Richards said that many of the EU member states who have deemed Bermuda to be non-cooperative have not concluded as many tax treaties as Bermuda and some have lesser frameworks for tax transparency. He called the selection process arbitrary.

He said: "Bermuda has signed a large number of tax information exchange agreements with countries around the world and today has 80 treaty partners because of signing the Multilateral Tax Convention. Those 80 partners include all G20 countries, all OECD countries except for one, and all EU countries except for two, because those three countries have not yet signed the international standard on tax matters, the Multilateral Convention."

"At least five of those 11 EU member states that have us on their national blacklist have not performed their obligations in one way or the other. Two of the five were to give beneficial recognition to the Multilateral Tax Convention in their blacklist criteria; one is still in the process of considering recognition of the Multilateral Convention; one has not kept their promise to send Bermuda documents to sign to take us off their list; ... one of the two EU member states I earlier mentioned has not even signed up to the Multilateral Tax Convention, and one publicly announced earlier this year that it had taken Bermuda off its blacklist."

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