Premier: ‘Bermuda Is Low Tax, Not A Tax Haven’
[Updated with video] Premier Craig Cannonier said that attending the meeting recently called by British Prime Minister David Cameron provides Bermuda with another opportunity to articulate on a world stage that “we are a low tax jurisdiction, not a tax haven.”
Mr Cameron has asked senior ministers of ten overseas territories and crown dependencies – including Bermuda – to London on the eve of this month’s G8 summit meeting to sign an international agreement to share tax information.
The British leader has said tax avoidance by multinational corporations will feature prominently at the G8 summit, which comprises of Canada, France, Germany, Italy, Japan, Russia, the UK and the USA.
Last month the Prime Minister sent a letter to British overseas territories and crown dependencies which maintain large financial services sectors — including Bermuda – asking them to “get their house in order” when it came to companies operating in their jurisdictions which exploit loopholes in international tax codes.
Premier Cannonier said, “As you are aware, the British Prime Minister David Cameron has asked the Overseas Territories to attend a meeting in the U.K. next week and I have accepted that invitation.
“A few weeks ago, I made a statement regarding Tax and Transparency in which I stated that while Prime Minister Cameron is keen to underscore Britain’s position on fighting tax evasion and aggressive tax avoidance through tax information and exchange and access to information on beneficial ownership companies, Bermuda takes no issue with this initiative because Bermuda is already ahead of the curve.
“We continue to keep abreast of developing standards. As you know, for decades, Bermuda has required companies seeking to incorporate in Bermuda, to file beneficial ownership information with the Bermuda Monetary Authority.
“We have also recently passed legislation to license all corporate Service Providers in Bermuda and bring them under the umbrella of the Proceeds of Crime Act that imposes the Financial Action Task Force (FATF) standard on beneficial ownership.
“Just over a month ago, the Minister of Finance, Bob Richards announced that after considerable consultation with the various industry stakeholders in Bermuda, and discussions with the US treasury officials, the Bermuda Government has decided to negotiate and sign an Intergovernmental Agreement (IGA) Model 2 with the US, and at the request of the UK government, a similar format will be negotiated and signed with them, which will further enforce Bermuda’s already enviable reputation as a jurisdiction that has proactively paved the road for transparent and compliant business transactions.
“According to the World Bank’s Governance Indicator Report, Bermuda is listed amongst the top ten percent,” continued the Premier.
“I want to make it clear that attending the U.K. meeting provides Bermuda with another opportunity to articulate on a world stage that while we may all be British Overseas Territories, Bermuda is fundamentally different in how we conduct business. Bermuda is a low Tax Jurisdiction – not a Tax Haven.
“I will also have the opportunity to have a private meeting with Prime Minister Cameron while in the U.K. This new administration also has good working relationship with the UK Minister for the Overseas Territories, Mr. Mark Simmonds, who I have met with several times.
“As a government, we will continue to be aggressive and look for opportunities to leverage these relationships and others for the benefit of Bermuda and Bermudians,” concluded Premier Cannonier.
LMAO, Cannonier and Cameron.
2 clowns that don’t have a clue!
Don’t crack me up…
Can you elaborate, or do you not have a clue what you’re talking about?
@seriously, I agree with you. Cannonier does not have a clue about anything, poor fellow.
Right and one of the former Presidents smoked marijuana but did not inhale, so go figure.
You people didn’t read a thing in the above report. You just jumped to the conclusion that the Premier doesn’t know what he’s talking about.
“Bermuda is a low Tax Jurisdiction – not a Tax Haven”.
Do you know what signal that sentence alone sends to the rest of the World?
Like you all could do any better. Jesus.
Ok leave Jesus out of it cause He not on trial, but can you please explain to me mister intelligent what on earth is the difference between a low tax destination and tax haven.
U byes dat vent unibers cities an got dat ed u ma cation is serrie us in tell agents, so vif ya in tell la gence i hope you don’t mind helpin ve high cool drop outs who r smart byes.
ve stood at de bus garage vaiting for de pink bus dat goes down brendas an ven ve got dere ve foun dem people smarter den us.
Low taxes, no taxes, still tax haven helping to deprive other nations of resources that rightfully belong to the mother country.
why you thin dey r hair bye.
um tellin u um go in bac uni ber sa tee to get my da gree in kar rattey so i can be vise
Oh my dur…..ya in a real pissy way this evenin’ inna?
Ya in such an insulting vay, ya wokabularee got all bongeed up. Jingas, bird. Go lie dahn and den come back tomah and read de report ageen.
It’s simple English, like.
If the PLP said the same statement “Bermuda is a low Tax Jurisdiction” there would have been 100 or more negative comments. There will always be negative comments regardless.
ANYTHING the plp did was negative!
(add that to the growing list of negative comments!)
If P.L.P said it, I would have said they don’t know any better anyway cause none of them ever ran a business venture of a global stature. so what the heck would they know anyway.
Now look at who is at the helm and tell the truth does Mr. Cannonier have a lick or clue either. NO HE DONT
that’s why we need the people like Bob and Grant who are just two that are doing the advising here. Bob gets it by right from the great E.T. and Grant well what can you say he was born into a forest.
Bwahaha…. You’ve got to be kidding me. Bob hasn’t got a clue and Grant is only interested in strengthening his family’s power base.
You don’t really believe that those two men give a hoot about you, do you?
Admittedly Cannonier is a few sandwiches short of a picnic, but at least his heart is in rhett right place.
Such a sweet simple guy should never have entered politics, never mind become the OBA’s figurehead.
Why does it seem as he reads this speech as though he’s seeing it for the first time?
Because it is!!
It one thing I see about the Premiere, is that he knows how to read.
I mean I know he is a puppet, but he does not have to look and act like one.
@ Time Shall Tell – He reads like that because he needs to review his speeches before he goes live!
The only people I see writing negative comments are the OBA supporters,like i said before you will cause OBA to be a one hit wonder!
Your previous comment was – negative…
Wishful thinking on your part.
Ya dreaming boy!…the plp are finished!
Finished what, pray tell?
It seems to me that the PLP are at a point of evolution and are really just getting started.
Spout your hate if you will,it won’t make any difference.
Craig will be finished faster then the PLP, his day is coming. What a joke he is. Every time he talks I’m looking for his puppet strings. I can see he’s trying his best to BREAKAWAY by not informing his mates about the private jet ride.
Craig is speaking about going independent…so did Dr Brown…why are we so afraid of this????? we was more afraid of Dr.Brown cause he was right
The PLP are definitely Financial wizards! Just look at the way they made all the friggin money disappear!
Hah. Craig Cannonier knew how to become the premier of Bermuda, what have any of you lot done with your lives?
Steve don’t be stupid… They elected him to be Premier to mask off the disguise of the old UBP faces. We all know that Bob really wanted the position plus the portfolio of MOF. Cannonier is used as the decoy face-value of OBA and putting him as Front runner eases the minds of the people who voted him OBA in. How many ahhs and ummms he uses when he speaks to the Island without his written speeches. He is not as wise and educated as his fellow men in the OBA party.
I’ve spoken with him on a certain issue and I can assure you, you severly underestimate him.
Well I will tell you what If premier Cannonier goes for Bermudian independence he will have my support; we can continue Bermuda’s political civil war later.
But I must tell him about the fate of former UBP premier Sir John Swan and the fact stated by himself after he went for independence; ‘ I was not even invited down town for a cup of tea’. premier Cannoner might really
get his gas cut off.
Have some testicular fortutude Premier Craig Cannonier. Tell the prime minister where to stick that idea. He doesn’t care if our economy drops even further. Tell him to bugger off.
The Exempted Undertakings Tax Protection Amendment Act 2011 extends a guarantee that the Bermuda Government will not charge exempt companies any taxes on profits, income, or capital gains until 2035.
It is this undertaking that the G8 countries would be upset by. It is this guarantee that makes Bermuda, in the eyes of many, a tax haven.
I am not a fan of UK government messing with overseas territories in the way that is currently happening, but I would suggest that one be careful when calling Bermuda a low tax jurisdiction and not a tax haven. It is simply not accurate in respect of the exempted companies.