Bermuda Placed On France’s “WhiteList”

September 22, 2017 | 20 Comments

France has awarded “whitelist status” to Bermuda for Country-by-Country Reporting, making Bermuda the first UK Overseas Territory to be awarded this status, Premier and Minister of Finance David Burt said in the House of Assembly today [Sept 22].

Premier David Burt Bermuda 2017 Sept 21

The Premier said, “Why has France conveyed this positive recognition to Bermuda? The simple reason is that Bermuda has satisfied the technical requirements which are as follows:

  • Bermuda was an Early Adopter for 2016 year data;
  • Bermuda has an activated CbC Reporting relationship with France;
  • Bermuda’s new tax information reporting portal is now fully operational with the OECD portal whereby Bermuda can transport our CbC reports to France.
  • Finally Bermuda’s CbC legislation, CbC Regulations and CbC Guidance Notes are in force and effect.

“Bermuda satisfied these technical requirements because of the collaboration and hard work of the Treaty Unit in the Ministry of Finance, the Attorney General’s Chambers and our private sector industry partners. I would like to thank all parties mentioned for their sterling effort which has resulted in this action.

“Bermuda’s placement on France’s ‘Whitelist’ for Country By Country Reporting will further establish Bermuda’s leadership in supporting international cooperation in tax matters and financial transparency.

Premier Burt added that “continued engagement “with the EU is “vital in view of the current risk that we may face from the EU,” and he will be traveling to Paris and Brussels next month to “attend meetings with key political policy makers in an effort to provide necessary support to Bermuda’s efforts to avoid blacklisting by the EU Code of Conduct Group.”

The Premier’s full statement follows below:

Mr. Speaker, I am pleased to rise today to provide Honourable Members with the positive news that the Republic of France has awarded whitelist status to Bermuda for Country-by-Country Reporting [CbC] Reporting.

Bermuda is the first UK Overseas Territory to be awarded this status.

Mr. Speaker, the Organisation for Economic Cooperation and Development [OECD] Base Erosion and Profit Shifting [BEPS] Action 13 report [Transfer Pricing Documentation and Country-by-Country Reporting] provides a template for multinational enterprises [MNEs] to report annually and for each tax jurisdiction in which they do business.

This report is called the Country-by-Country [CbC] Report.

Honourable Members are advised that Bermuda participates in a multilateral CbC competent authority agreement known as the Multilateral Competent Authority Agreement on the Exchange of CbC Reports ["the CbC MCAA"].

Mr. Speaker, what this means is that Bermuda will be ready to share CbC 2016 fiscal year reports as of June 2018 with EU Member States who like Bermuda are Early Adopters of CbC Reporting to exchange 2016 fiscal year CbC reports.

France is also one of the EU Member States who are Early Adopters of CbC Reporting.

Mr. Speaker, why has France conveyed this positive recognition to Bermuda? The simple reason is that Bermuda has satisfied the technical requirements which are as follows:

  • Bermuda was an Early Adopter for 2016 year data;
  • Bermuda has an activated CbC Reporting relationship with France;
  • Bermuda’s new tax information reporting portal is now fully operational with the OECD portal whereby Bermuda can transport our CbC reports to France.
  • Finally Bermuda’s CbC legislation, CbC Regulations and CbC Guidance Notes are in force and effect.

Mr. Speaker, Bermuda satisfied these technical requirements because of the collaboration and hard work of the Treaty Unit in the Ministry of Finance, the Attorney General’s Chambers and our private sector industry partners.

I would like to thank all parties mentioned for their sterling effort which has resulted in this action.

Mr. Speaker, Bermuda’s placement on France’s “Whitelist” for Country By Country Reporting will further establish Bermuda’s leadership in supporting international cooperation in tax matters and financial transparency.

However, continued engagement with the EU and its Member States in the weeks and months ahead is vital in view of the current risk that we may face from the EU.

To this end I can report that I will be traveling to Paris and Brussels next month to attend meetings with key political policy makers in an effort to provide necessary support to Bermuda’s efforts to avoid blacklisting by the EU Code of Conduct Group.

Thank you, Mr. Speaker

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Comments (20)

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  1. john says:

    OK, so the Premier is more than happy to put out statements criticizing the work of the previous Govt but does not (cannot bring himself to) congratulating the previous administration … as this has obviously not happened on his watch.

    • SMH says:

      John… I mean this in the nicest way, but you and some of your friends in the comment section need to put your big boy pants on and go back and read some of the articles over the pass few years. While both governments may have disagreed on many issues, they both supported each other when it came to KYC/AML initiatives and disclosure/reporting. Both parties have disagreed and supported each other depending on the initiative. Its a win for the country thanks to the efforts of both parties.

  2. mark says:

    “Why has France conveyed this positive recognition to Bermuda?” Because of the work that the OBA did but he cant bring himself to say that! LoL! love it.

    wonder where is going to stay when he is on his little jaunt to paris and Brussels?

  3. Francis Gross says:

    Well Done Bob Richards

  4. Good news, but Black list, Black market, Black balled, Black sheep of the family etc all coinsides with why Black people catch $#!+ in a racist society.
    Thank you France for the WHITE list.

  5. puzzled says:

    And who the hell got us there.
    Sure not the PLP.

  6. really says:

    Well done OBA !

  7. Congrats to Bermuda says:

    Yes OBA was instrumental in achieving this but this is a positive for Bermuda when we need good news.

    Let’s focus on the positives and build. Any win for Bermuda is a win for Bermudians no matter what walk of life they come from.

    Have a blessed weekend!

  8. Ms. G says:

    Why can’t you all just get along!!!
    Ugh!!!

    • Ringmaster says:

      Agree, which is why Premier Burt should have acknowledged the input of Bob Richards.

  9. Rocky5 says:

    All good. Let’s just hope PLP can keep Bermuda on this list and get us on the rest of the EU lists………

  10. LongBay Trading Inc. says:

    Well done OBA and Mr. Bob Richards !!! GREAT JOB done by an excellent Finance Minister. The best of the best!

  11. O.M.G says:

    Thank you Mr. Richards

  12. BustedTheEconomyStartinNew says:

    Mars also recognized the Premier on their green list.

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