News Release: Hamilton, Bermuda – The Government of Bermuda is pleased to confirm that [today] it has been graded by EU Finance Ministers (ECOFIN) as a ‘cooperative jurisdiction’ with respect to tax good governance. ECOFIN endorsed the assessment of the European Commission and the EU’s Code of Conduct Group on Business Taxation (CoCG) that Bermuda had met its commitments to address concerns raised by the EU in 2019 in relation to economic substance requirements.
In response to today’s announcement, the Minister of Finance, Curtis Dickinson said: “I am delighted that the EU has recognized the significant work that Bermuda has completed over the course of the last year to ensure that our framework is compliant with the EU tax transparency requirements.
Today’s (Tuesday, Feb 18) announcement reflects the tremendous team effort between the Ministry of Finance, the Registrar of Companies, the Bermuda Monetary Authority, the Attorney General’s Chambers, and industry stakeholders. I would like to thank all stakeholders for their cooperation and support. We delivered on our commitment to implement all the necessary reforms to comply with EU tax good governance principles ahead of the agreed deadline, addressing all of the EUs concerns. Today’s announcement is a testament to the hard work that goes into maintaining Bermuda’s status as a cooperative jurisdiction and a global leader in international tax transparency.”