Premier Hails Bermuda’s OECD Peer Review
Premier and Minister of Finance Paula Cox yesterday [Apr. 8] expressed her pleasure at the results of the most recent assessment report of the Organisation for Economic Cooperation and Development [OECD] Peer Review Group [PRG].
A statement released said, “Bermuda was credited for legislative changes that have demonstrated progress and global leadership in the area of transparency and tax information exchange.
“In the original 2010 PRG Assessment report, Bermuda received eight of eight”‘element in place” and a Supplementary Assessment listed four additional recommendations for consideration.
“In this most recent PRG Assessment, the OECD deleted two of these Recommendations as a nod to Bermuda’s significant progress in these areas. Specific achievements noted were the Competent Authority Agreements for administrative matters under Bermuda’s Tax Information Exchange Agreements [TIEAs] and the passage of the Specified Business Legislation Amendment Act 2011.”
“These positive reviews benefit Bermuda as we take action to further enhance our international business product,” said the Premier. “Transparency and cooperation are key to the long term survival of our economy. A positive PRG assessment is an excellent outcome that certainly serves to safeguard our status as a leading international financial centre.”
“One may ask, after signing 32 TIEAs, what is the purpose of continuing to sign TIEAs and participating in the Peer Review Group assessment regime? The answer is that it protects Bermuda’s reputation as a premier international business domicile, the bedrock of our economy.”
The Premier further noted that TIEAS provide a “useful launching pad to expand Bermuda’s global network of commercial and trade relations.”
“Through the TIEA negotiation process, countries that previously may not have known much about Bermuda now gain more information and background on the services that we offer,” she said. “As countries expand their commercial relations with us, we are able to diversify our global business network and further grow our economy by expanding into new markets.
“The TIEAs are bringing results, as our global partners are taking note of Bermuda. During a recent trip to New York and Washington DC, Business Bermuda leveraged TIEA relationships to meet with a number of Consulates to promote business opportunities in Bermuda. These engagements will lead to growth in our economy which will provide opportunities for our service providers and create jobs in Bermuda.”
“Bermuda is a Vice Chair of the OECD Global Forum and firmly supports the work of the PRG because no one jurisdiction should profit from unfair competition in financial services. Jurisdictions that refuse to abide by the PRG’s global assessment regime may be viewed as raising the possibility of facilitating tax evasion, now recognised as a form of money laundering. Refusing to comply with the PRG assessment regime allows distortion by such jurisdictions taking business from Bermuda and other compliant jurisdictions.”
We are giving it away to the large domicile bullies^^
“One may ask, after signing 32 TIEAs, what is the purpose of continuing to sign TIEAs and participating in the Peer Review Group assessment regime? The answer is that it protects Bermuda’s reputation as a premier international business domicile, the bedrock of our economy.”
One should also ask that for the significant majority of these TIEA’s why the PLP Government didn’t negotiate any bi-lateral benefits for Bermuda vs. the one way street of information exchange they gave away for nothing?
These agreements are almost all cookie cutter documents executed in haste to serve the wishes of the OECD master and provide no direct economic benefit for the island.
This whole exercise was just a poorly executed attempt by the PLP to beg for recognition at the OECD’s table and in the process sell the island out for domestic political gain. The PLP
… had a fantastic chance to negotiate meaningful concessions and mutually beneficial economic opportunities but through a combination of their inexperience and lack of fore site coupled with a childish rush to please an international regulatory body blew it … at the voter’s expense.
PLP – Doing less with more since 1998.
What is not true in your post is that the agreements do allow information to be shared between the two countries in both directions, as TIEA’s are bi-lateral by nature. What is true is the uncertainty around what economic purpose this do serve for the island and if that contribution can really be measured. They way the treaties do not come into affect until all of the respective countries parliamentary procedures have to be completed and exhausted. The chances of having a case go that far in little old bermuda, slim to none.
I agree that the information exchange is a two way street but given the absence of an equivalent taxing authority locally, the reality of Bermuda making a request under the auspices of a TIEA is virtually nil.
There are a lot of people in IB that think differently than you the all knowing one.
So the RG Reports that the Canaidian TIEA put’s Bermuda in a position to increase trade and lure captives here from Barbados, yet there are no benefits from signing these documents.
I swear, If the PLP Cured cancer you lot would find a reason to complain.
@WATP
I agree the Canadian TIEA is an example of doing things the right way and stated as much when it was announced, however, the “significant majority” that preceded it were not handled in a similar fashion with the remainder (save for Mexico, if yet finalised) being “almost all cookie cutter documents” so please don’t put words in my mouth.
If the PLP cured cancer I’m fairly certain the first thing they would do is figure out how it could be used to attract votes.
PLP – putting the party before country since 1998
The good lady continues the fine work aimed at securing her next job – running around Brussels as an EU functionary (sic) pretending to be somebody important. This is something far worse than giving it all away. The first word that comes to my mind is betrayal – just ask Mr. John Deuss.
You know we really have to stop this endless criticism of EVERYTHING our Government does. It is ludicrous to suggest that everything PLP is totally wrong and everything OBA or UBP is totally right. There are times when credit should be given where credit is due – and this is one of them. The OECD has given Bermuda credit for moving forward and we should accept that credit with grace. Constant attacks on the Government will prove counter-productive. Please use criticism wisely and keep some of your powder dry OBA, otherwise you will be seen as always being negative.
It’s not my Government. Their lies, hate and deceit have destroyed this country and appeasers like you are a big part of the problem.
Dear Victor,
Believe me, I am only too willing to stand up and criticise our Government whenever there is good reason to do so, which is far more often than you could imagine, but your statement is ludicrous and childish. Whether you like it or not the present Government is YOUR Government – and mine. As long as they remain in power, the PLP is our Government. To suggest that the whole Government is full of lies, hatred and deceit is typical of the kind pf political rhetoric that is actually helping to destroy our beautiful country. I just received a circular describing President Obama as “the anti-christ”! This is the same sort of vindictive, destructive rhetoric.
Please read the above article again and reflect on your comments. The Premier is merely responding to an assessment report published by the OECD’s Peer Review Group that was complementary about Bermuda. To attack her for that is so totally counter-productive as to make her critics appear to be mindless. There are many opportunities to criticise our Premier and our Governent. This is not one of them.
Stop the criticism? I don’t put blind faith in god, what chance do you think any government stand?
Question everything.