The Economic and Financial Affairs Council (ECOFIN) today reaffirmed Bermuda’s status as a cooperative tax jurisdiction.
In a statement released this morning, Premier David Burt said: “Once again the EU has recognized Bermuda’s status as a cooperative jurisdiction, despite the interest surrounding a hack on a global law firm and related documents in the public domain. The outcome of the ECOFIN decision demonstrates Bermuda’s position as a global leader in international tax transparency.
“Bermuda is not a place to hide money, given its Common Reporting Standard and Country by Country automatic reporting regimes and membership in the OECD Inclusive Framework on Base Erosion & Profit Shifting. Any legitimate tax authority can request and receive information from Bermuda, under 100-plus tax-transparency relationships pursuant to the OECD multilateral tax treaty, and more than 40 bilateral Tax Information Exchange Agreements.”
The Premier concluded: “Bermuda welcomes continued dialogue with the EU Code of Conduct Group and EU Member States.”
Further details can be found by visiting www.gov.bm/bermuda-business-centre.
- File Photo Courtesy of DCI