Govt Acknowledges Assistance Of Mike Murphy
In a joint statement, Deputy Premier and Minister of Finance Bob Richards and Minister of Economic Development Dr Grant Gibbons,said, “We are pleased to acknowledge the valuable assistance of Mr. Lawrence [Mike] Murphy as an advisor on international tax matters to the Ministries of Finance and Economic Development.
“Over the past year, Mr. Murphy has been assisting in an official capacity as a Bermuda Government representative meeting with foreign government officials on the complex subject of international tax matters as they may affect international businesses situated in Bermuda.
“He has been, and continues to be, very helpful on the Base Erosion/Profit Shifting project at the OECD, the proposed U.S. Treasury regulation, exempting active insurance businesses from certain punitive U.S. tax Passive Foreign Investment Company rules, as well as other matters.
“Previously, he played an important role in the bi-lateral FATCA negotiations our Finance Ministry had with the U.S. Treasury to establish and clarify certain favourable results for Bermuda’s insurance/reinsurance industry.
“As he has for the past 40 years, he continues to serve the Bermuda Government on a pro-bono basis to help us analyze and address these complicated bi-lateral issues affecting our economy.”
Well that disclosure explains a lot of why we are where we are!