Hashtag: #EUSubstanceIssue

Chamber Praises Team After EU List Change

Chamber Praises Team After EU List Change

The Bermuda Chamber of Commerce said they wish to “extend its congratulations to team Bermuda for its recent successes following the announcement of Bermuda’s promotion to the EU’s list of cooperative ‘whitelisted’ jurisdictions.” A spokesperson said, “This followed the Caribbean Financial Action Task Force’s [CFATF]... Read more of this article

Industry Leaders Welcome EU ‘White List’ Status

Industry Leaders Welcome EU ‘White List’ Status

Bermuda has been returned to the European Union’s [EU] ‘White List’ of fully cooperative tax jurisdictions, a decision which Bermuda’s global industry groups welcomed, with the entities applauding the “efforts of Bermuda’s government in securing a successful result.” The private sector worked collaboratively with government officials,... Read more of this article

EU Council Removes Bermuda From Annex II

EU Council Removes Bermuda From Annex II

[Updated] Sixteen jurisdictions — including Bermuda — have been removed from Annex II of the ‘EU list of non-cooperative jurisdictions for tax purposes,’ while four jurisdictions have been added. Bermuda was removed from the ’EU list of non-cooperative tax jurisdictions’ last year, but had been added to the Annex... Read more of this article

Over 120 People Attend IoD Bermuda Event

Over 120 People Attend IoD Bermuda Event

More than 120 people crammed into a conference room – with another 50 dialing in – to hear the latest updates on Bermuda’s Economic Substance legislative developments and their impact on Island companies. The Institute of Directors Bermuda organised the Economic Substance Session in conjunction with ABIC [Association of Bermuda International Companies]... Read more of this article

Appleby’s Economic Substance Online Tool

Appleby’s Economic Substance Online Tool

Law firm Appleby launched an online Economic Substance Questionnaire last month, which provides complimentary guidance on the economic substance regulations introduced in the jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, the Isle of Man and Jersey. “Since its launch on the 12 July, 1,578 clients from around... Read more of this article

Minister: FHTP Approves Bermuda Legislation

Minister: FHTP Approves Bermuda Legislation

The OECD’s Forum on Harmful Tax Practices [FHTP] has formally reported its approval of Bermuda’s Economic Substance legislative framework, Minister of Finance Curtis Dickinson said in the House of Assembly today [July 26]. The Minister’s full statement follows below: Mr. Speaker, I am pleased to advise this Honourable House and the listening... Read more of this article

Oxfam International Slam EU Tax List Decision

Oxfam International Slam EU Tax List Decision

Oxfam International has criticized the European Union’s decision to remove Bermuda, Barbados, and Aruba from the tax blacklist, with the international organisation claiming that “tax havens rob countries.” The criticism is not unexpected as Oxfam has criticized Bermuda and other jurisdictions on prior occasions, and has actually called... Read more of this article

Kempe On EU Removing Island From Tax List

Kempe On EU Removing Island From Tax List

“Bermuda has consistently demonstrated its commitment to combating money laundering and terrorist financing, therefore it was regrettable that a ‘minor technical omission’ led to a major fail,” Shadow Finance Minister Nick Kempe said. Senator Kempe said, “In addition to the potential reputational damage and inhibition... Read more of this article

ABIR Applauds Bermuda’s Removal From EU List

ABIR Applauds Bermuda’s Removal From EU List

Bermuda’s leading international insurers and reinsurers, through the Association of Bermuda Insurers and Reinsurers [ABIR], applaud the Bermuda government’s successful efforts in achieving removal of Bermuda from the EU List of Non-Cooperative Jurisdictions, fully demonstrating the island’s commitment to facilitate tax transparency and compliance... Read more of this article

Bermuda Industry Groups Applaud EU Decision

Bermuda Industry Groups Applaud EU Decision

Bermuda’s global industry groups have welcomed today’s [May 17] decision by the Economic & Financial Affairs Council [ECOFIN] in Brussels to remove Bermuda from a list of non-cooperative tax jurisdictions after all sectors worked collaboratively with Bermuda’s government and regulator to ensure a successful result. “We applaud today’s... Read more of this article

Bermuda Removed From EU Tax Blacklist

Bermuda Removed From EU Tax Blacklist

[Updated] Bermuda has been removed from the ‘EU list of non-cooperative tax jurisdictions,’ the Council of the European Union has officially confirmed today [May 17]. The statement said, “The Council today decided to remove Aruba, Barbados and Bermuda from the EU list of non-cooperative tax jurisdictions. “The EU list is contributing... Read more of this article

EU: ‘Should Remove Bermuda From The List’

EU: ‘Should Remove Bermuda From The List’

The Council of the European Union said they are “expected to approve an update to the list of non-cooperative jurisdictions” tomorrow and “the Council should decide to remove Aruba, Barbados and Bermuda from the list.” This is as “Bermuda implemented its commitment to introduce substance requirements under criterion 2.2″... Read more of this article

Report: EU To Remove Island From Tax Blacklist

Report: EU To Remove Island From Tax Blacklist

The European Union will remove Bermuda from their tax blacklist on May 17th, according to a report from Bloomberg. The story said, “The European Union will eliminate Aruba, Bermuda and Barbados from its tax haven blacklist because they are changing their corporate tax laws. “EU finance ministers will approve the removal at a meeting on May... Read more of this article