Italy Removes Bermuda From ‘Tax Blacklist’
Following Italy removing Bermuda from their ‘tax blacklist,’ Minister of Finance Bob Richards said he was “pleased that my counterpart Minister has taken this positive action.”
This comes after Italy’s Minister of Economy & Finance Pier Carlo Padoan signed decrees that modify Italy’s “tax blacklists”, removing some jurisdictions — including Bermuda – on April 1st.
Minister Richards said, “While the Bilateral TIEA the previous government signed with Italy has not yet been ratified by the Italian Legislature and thus has not yet entered into force, the current Bermuda Government in late 2013 signed Bermuda to the Multilateral Convention on Mutual Administrative Assistance on Tax Matters ["the Convention”] which is a form of multilateral TIEA.
“That means it is a multilateral agreement for the exchange of information for tax purposes on the by-request basis.”
Minister Richards said that Bermuda’s participation in the Convention ‘Entered into Force’ on March 1st, 2014 and said this is the likely reason the Italian Minister has taken this positive action as the Convention is the only agreement for the exchange of information for tax purposes on the by-request basis that is in force between Italy and Bermuda.
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