Bermuda Signs UK CBC Reporting Agreement

November 29, 2017 | 8 Comments

This morning [Nov 29], Premier and Minister of Finance David Burt signed an “important tax agreement with the United Kingdom, a Country by Country Competent Authority Agreement,” becoming the first Overseas Territory to sign.

“This agreement will complete The Organisation for Economic Co-operation and Development [OECD] Base Erosion and Profit Shifting [BEPS] tax transparency package between Bermuda and the UK,” a Government spokesperson said.

UK CBC Reporting Agreement Bermuda Nov 2017 (1)

“The agreement will enable the automatic reporting of corporate income on a country by country basis for UK related transfer pricing enforcement purposes. Bermuda is the first UK Overseas Territory to sign a CbC Competent Authority Agreement with the UK.

“Similar to individuals under the Common Reporting Standard [CRS], corporations must also automatically report financial information to Bermuda authorities. Any reported UK related income will be shared automatically with UK tax authorities.”

UK CBC Reporting Agreement Bermuda Nov 2017 (2)

Premier David Burt, at the conclusion of the signing, stated, “I am pleased to sign this important agreement with the United Kingdom on behalf of the people of Bermuda.

“We are the first Overseas Territory to sign the agreement which further solidifies Bermuda’s position as a global leader in international tax transparency.

UK CBC Reporting Agreement Bermuda Nov 2017 (3)

“Bermuda remains a jurisdiction with an excellent reputation for quality,” the Premier added. “We continue to demonstrate leadership in global tax transparency and we encourage other countries to meet the ‘Bermuda Standard.”

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Comments (8)

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  1. Why even bother says:

    Sometimes being the first doesnt always mean a good thing for this coutry. Signing all these agreements still has us possibly on the black list. No closer than 20 years ago. Now signing more agreements for what? If we havent made our position clear so far, it has never been in the interest of any coutry to listen.

    • Um.... says:

      I think you’ll find that most times when we are mentioned in a negative light internationally, it is by some ill-informed political figure that can quickly score points with the (equally ill-informed) public by mentioning our name. The agreements we’ve signed have made us a better financial jurisdiction. We’re just approaching a time when many governments are looking to increase their tax revenue because GDP growth is slowing. And mentioning Bermuda a couple time to try and pass tax legislation scores points.

  2. Wait what says:

    Nice work…now the debt, jobs and bus problems need to be resolved….no rush

    • Proud to be Bermudian says:

      Can we just quit with the negativism please.

      Our present Premier and government are not perfect.
      However, I believe they are trying to implement initiatives that will be the best for the people of Bermuda.

      Yes, they have to be kept accountable.

      Why every time there is a story in reference to Mr. Burt signing an agreement – total negativism.

      Let’s try to encourage each other, instead of always tearing each other down.

      • Ringmaster says:

        The PLP and combined opposition were criticizing and attacking verbally (HoA) against the OBA for nearly 5 years while they rescued Bermuda’s finances. Now you want to have a kumbya moment. No, the present Government is not perfect, nor was the OBA, but already the PLP have fallen back to the same behavior that put Bermuda on the brink of bankruptcy. Remember that in a year’s time when the debt is increased, revenue falling and Government expenses rising.
        The PLP had 14 years to diversify the economy, plus 5 in Opposition to plan how to create jobs yet they have no plan, just form committees to come up with ideas. Oh yes, the 2025 Vision, only 8 years to go.

  3. …being the first WILL be a great opportunity for this petite country in the Atlantic Ocean.
    Well done, Premier Burt.
    Grateful for your assertiveness and brilliance in putting US first and foremost, Premier Burt!!.
    Oba did Bermudians a MASSIVE disservice. Good riddance to all of them.
    They wish to cut U.B.P. ties. Lunacy!!That type of psychological conditioning has been in place BEFORE slavery. The name of the opposition will change but their spots will not change shape.The o.b.a.severance of ties cut, WILL NEVER change the oba’s leopard spots.Psychological, dysfunctional conditioning FOREVER!!
    Fahy is aware of that FACT too!!

  4. Spanner breath says:

    Now see if you can find a couple more buses and mechanics you can sign on, oh and a new transport minister!! As our current minister for transportation was very loud and outspoken prior to being voted in, now SILENT! So much for preaching transparency!

  5. Gabriel says:

    What did he just do?

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