Bermuda To Adopt Country-By-Country Reporting
by Mike Godfrey, Lowtax.net, Washington
20 April, 2016
Bermuda has announced that it will adopt a country-by-country reporting requirement for multinational enterprises.
The Bermuda Government said it has now signed a Declaration to the Multilateral Competent Authority Agreement for the exchange of Country-by-Country Reports (CbC) after a long period of consultation with industry, which began last year.
MNEs headquartered in Bermuda will be required to file the new CbC regime documentation with the Minister for Finance by December 31, 2017, for the 2016 fiscal year.
Bermuda highlighted that the start date for its regime is in line with those of France, the UK, and a number of other countries, and is an extension of Bermuda's move in October 2014 to become an early adopter of the OECD's other automatic exchange of tax information regime, the Common Reporting Standard (CRS). Through the CRS, financial institutions will be required to automatically exchange information on account holders by September 30, 2017.
Bermuda's Minister of Finance, Bob Richards, said: "We were one of the first jurisdictions in the world to sign up to the CRS in 2014 as an early adopter of CRS, and so I am proud Bermuda is again setting an example in adopting the country-by-country reporting regime without hesitation. Our Government is committed to upholding international best practice in tax transparency."
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