House Of Assembly To Meet On Monday

December 14, 2018 | 5 Comments

“We are determined to meet our obligations and ensure the continued success of a thriving international business sector in Bermuda.” said Premier David Burt today on advising that the House of Assembly would meet on Monday [Dec 17] to consider the Economic Substance Act 2018.

The Premier said: “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.”

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.”

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.”

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Comments (5)

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  1. DeOnion says:

    What has CD&P got to do with a political decision to move the debate of this bill?

  2. red rose says:

    Has anyone yet seen a copy of this bill?

  3. Joe Bloggs says:

    “We are determined to meet our obligations and ensure the continued success of a thriving international business sector in Bermuda.” said Premier David Burt today

    Excellent! Now let’s get paying down on our debt so my grandchildren are not leaving debt to their grandchildren. When my son was born Bermuda had virtually no debt. It is a shame he cannot say that to his children.

    • Triangle Drifter says:

      In 1998 Bermuda did not have any debt worth talking about. Even 2008 the debt was not bad. Then Beyonnce came here. Been downhill fast ever since, but hey, it was fun. GP cars, Playboy mansion party, trips to Dubai, India, California, homes on playground islands, boats,riding around with police escorts, projects going way over budget, materials disappearing, buying useless buses, ferrys, a rusty old tugboat. Such was the Platinum Period.

      Wish I could be around to hear what the yet to be born have to say about the forefathers who left them with a huge debt to pay off.

  4. Stevie says:

    Remember Ewart Brownes nice payout.

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