Hashtag: #EUSubstanceIssue

OBA ‘Disappointed’ Bermuda On EU Tax List

OBA ‘Disappointed’ Bermuda On EU Tax List

“The One Bermuda Alliance is disappointed at Bermuda’s inclusion in the EU list of non-cooperative tax jurisdictions,” OBA Leader Craig Cannonier said. Mr. Cannonier said, “Bermuda has a stellar track record of compliance, including passing the stringent Solvency II requirements. Bermuda has also been extremely co-operative with the EU in this... Read more of this article

Minister: We Will Work To Be Removed From List

Minister: We Will Work To Be Removed From List

Bermuda is in close consultation with the UK Government to assist with the delisting process and Bermuda officials will visit key EU Ministers or their officials in Brussels, Paris, and Berlin to reinforce Bermuda’s position, Minister of Finance Curtis Dickinson. This follows after the EU announced that Bermuda was one of ten jurisdictions they placed... Read more of this article

Premier: Inclusion On EU Tax List Is Temporary

Premier: Inclusion On EU Tax List Is Temporary

“Bermuda’s inclusion on the EU’s list of non-cooperative tax jurisdictions is only temporary,” Premier David Burt said in Parliament today [March 13], adding that in eight weeks Bermuda will have the opportunity to be removed from the list, and he expects that “this will be done as our existing laws meet the standard required by... Read more of this article

Groups Committed To Working With Government

Groups Committed To Working With Government

Bermuda’s industry groups have pledged support for the “market’s long-respected record on compliance and tax-transparency and are backing the Bermuda government’s efforts to expedite the island’s removal from a European Union list of ‘non-cooperative’ jurisdictions.” The EU has been requesting that nations and jurisdictions... Read more of this article

Video: Press Conference On EU Tax List

Video: Press Conference On EU Tax List

[Updated] Minister of Finance Curtis Dickinson will be holding a press conference at around 2.00pm this afternoon [March 12] to provide an update on the European Union’s list of what they deem to be ‘non-cooperative jurisdictions for tax purposes’, which now includes Bermuda. We will be live streaming the press conference and will update... Read more of this article

EU Announce Bermuda Added To ‘Tax Blacklist’

EU Announce Bermuda Added To ‘Tax Blacklist’

[Updating] Summary:EU announced that Bermuda has been added to the list of ‘non-cooperative jurisdictions for tax purposes’ EU also added Aruba, Barbados, Belize, Dominica, Fiji, Marshall Islands, Oman, United Arab Emirates, Vanuatu, and there are now 15 jurisdictions on the list EU stated, “Bermuda facilitates offshore structures and arrangements... Read more of this article

Report: EU To Add Bermuda To ‘Tax Blacklist’

Report: EU To Add Bermuda To ‘Tax Blacklist’

[Updated] The European Union is reportedly set to add Bermuda to their blacklist on Tuesday, according to a report today [March 11] from Reuters, while Bloomberg is reporting that “the United Arab Emirates, Bermuda, and several other jurisdictions are holding last-minute negotiations with the European Union to avoid being added to the bloc’s... Read more of this article

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