Hashtag: #EUSubstanceIssue

Column: New Reality Of Economic Substance

Column: New Reality Of Economic Substance

[Opinion column written by OBA MP Scott Pearman] Denial. Anger. Bargaining. Depression. Acceptance. These emotions, doctors tell us, are the five stages of grief. And the people working in Bermuda’s international business community – ‘Bermuda Inc’ – have experienced most of these emotions since the gunboat of EU Substance appeared on our horizon,... Read more of this article

Kempe On Economic Substance Act Policies

Kempe On Economic Substance Act Policies

“While the One Bermuda Alliance totally supports Government efforts to encourage companies affected by the EU Substance Act to remain and invest here, it should be noted that nothing announced by the Finance Minister recently was new,” Shadow Finance Minister Nick Kempe said. Senator Kempe said, “The Act may cause some companies to... Read more of this article

Video: Minister On Economic Substance Act

Video: Minister On Economic Substance Act

[Updated] Minister of Finance Curtis Dickinson is holding a press conference this afternoon [Jan 10] regarding the Economic Substance Act 2018 initiatives. We will have additional coverage later on and in the meantime the live video is below. Background: In 2017, the European Union threatened to blacklist jurisdictions that did not meet their specifications... Read more of this article

OBA: ‘Appears Absence Of A Cohesive Strategy’

OBA: ‘Appears Absence Of A Cohesive Strategy’

“My Shadow Ministers have been calling for months to hear what Government’s plan is for the economy, healthcare and immigration as it appears there is a complete absence of a cohesive strategy, so for the Finance Minister to chide Senator Nick Kempe about his EU Substance comments misses the point.,” OBA Leader Craig Cannonier said. Background The... Read more of this article

‘Partisanship Should Stop At The Water’s Edge’

‘Partisanship Should Stop At The Water’s Edge’

“It has been a longstanding tradition in Bermuda politics that when it comes to International Business and our dealings with international bodies these issues should not be used as a political football,” Minister of Finance Curtis Dickinson said, adding that “partisanship should stop at the water’s edge.” The Minister’s... Read more of this article

Kempe: What Is Govt’s Plan For EU Substance?

Kempe: What Is Govt’s Plan For EU Substance?

Government “needs to tell people what its plan is to address the potential effects of the EU Substance Act,” according to Shadow Finance Minister Nick Kempe. The new Act requires companies that are “engaged in a relevant activity” in Bermuda to “comply with the economic substance requirements” with relevant activity... Read more of this article

Carey Olsen On Economic Substance Act

Carey Olsen On Economic Substance Act

[Written by Carey Olsen Bermuda law firm] The government of Bermuda has published the Economic Substance Act 2018 [the “ESA”]. The ESA, once adopted, is intended to meet the commitment made by Bermuda to address certain concerns raised by the European Union’s Code of Conduct Group [Business Taxation] [the “Code Group”] in relation to the need... Read more of this article

Businesses To Submit ‘Type Of Activity’ Form

Businesses To Submit ‘Type Of Activity’ Form

The Economic Substance Act 2018 is coming into effect, according to the official Government notices, which states that effective 1 January 2019, every registered entity that submits an application to the Registrar of Companies is required to provide a completed form declaring their type of activity. The new Act requires companies that are “engaged... Read more of this article

ABIR Support Implementation Of ESA Legislation

ABIR Support Implementation Of ESA Legislation

Bermuda’s leading international insurers and reinsurers, through ABIR, said they “continue to fully support the Bermuda Government’s commitment to facilitate tax transparency and compliance with global standards and maintain the jurisdiction’s top-class reputation.” ABIR noted that the Bermuda Government enacted the Economic Substance... Read more of this article

Cayman Also Pass Economic Substance Bill

Cayman Also Pass Economic Substance Bill

As Bermuda’s legislators were passing a Bill designed to keep the island off the European Union’s blacklist, lawmakers in the Cayman Islands were doing the same, with the Cayman also passing an Economic Substance Bill on Monday. This follows after the European Union threatened to blacklist jurisdictions that did not meet their specifications... Read more of this article

Finance Minister On Economic Substance Act

Finance Minister On Economic Substance Act

[Written by Minister of Finance Curtis Dickinson] On Monday, December 17, the House of Assembly united to pass the Economic Substance Act 2018. This saw all 36 Parliamentarians united in defence of and support of our Financial Services Industry, and consequently the livelihood of our country. The people of Bermuda can be proud of their government in... Read more of this article

Audio: MPs Pass Economic Substance Bill

Audio: MPs Pass Economic Substance Bill

MPs passed the Economic Substance Bill 2018 in the House of Assembly, with the Bill receiving bipartisan support, with MPs on both sides of the aisle noting that the island stands together against external pressures directed at our financial service sector. The Bill’s explanatory memorandum states it “imposes an obligation on an entity that... Read more of this article

Revised Version Of Economic Substance Act

Revised Version Of Economic Substance Act

The House of Assembly is currently discussing the ‘Economic Substance Act 2018’, with the previous Act having been replaced with a revised version. The Premier had previously stated that the House of Assembly, which normally meets on Fridays, would meet again today to consider the Economic Substance Act 2018, saying, “We intended to rise for... Read more of this article