Members of Parliament will meet on Monday, December 17 to consider the Economic Substance Act 2018.
Premier David Burt advised members on Friday, that the Government is “determined to meet our obligations and ensure the continued success of a thriving international business sector in Bermuda”.
“We intended to rise for the Christmas break after completing today’s business but with the support of the Opposition and the agreement of the Speaker of the House, we will meet on Monday to consider and pass this important Bill,” said Mr Burt.
“Minister of Finance, Curtis Dickinson who will pilot the Bill through the House stated: ‘We have been in constant contact with officials in Brussels and within the UK Treasury in our endeavors to ensure that our Bill meets the criteria necessary to keep Bermuda off any list of non-cooperative tax jurisdictions. Technical officers within the Ministry of Finance and the Attorney General’s Chambers have quite literally been working around the clock to finalise a high quality Bill which incorporates a broad consultative exercise with industry partners and the BMA’.”
Mr Burt also noted that Michael Frith, Director at Conyers Dill & Pearman, said: “Industry stakeholders have been involved at every stage, working with colleagues in Government to produce this legislation and we look forward to the Bill’s consideration on Monday in the House.”
The Premier concluded: “We are on course to meet the end of year deadline for this legislation and I am confident that any affected companies will effectively manage the implementation of this new regime.”