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Bermuda Welcomes Tax Transparency Recognition

by Mike Godfrey, Lowtax.net, Washington
22 August, 2017

Bermuda has welcomed the recent finding of the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes that the island is meeting its obligations under evolving international tax transparency standards.

Bermuda was one of six jurisdictions, along with Canada, Australia, the Cayman Islands, Germany, and Qatar, deemed to be "largely compliant" with international standards for the exchange of information on request between tax authorities. The outcome follows screening under a new and enhanced peer review process by the Global Forum, which focuses in particular on the availability of information on the beneficial ownership of legal entities.

Bermuda's Premier and Minister of Finance, David Burt, said: "This result is a testament to the hard work of the team in the Ministry of Finance. With an impending European Union blacklist on the horizon, this was one of the important tests that Bermuda had to pass. It is good news for local industry, boosting confidence in Bermuda as an international business center. A bad rating would have most certainly guaranteed Bermuda to be blacklisted by the EU, and it is through Bermuda's commitment to compliance that we can avoid such a result."

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