UK Early Day Motion On Bermuda & Oil Sector
“The claims referenced in this motion are based on outdated and inaccurate assumptions, including a failure to recognise Bermuda’s corporate income tax regime now in force” and “does not reflect any formal position of the UK Government,” the Bermuda Government said.
Motion
The motion in the UK Parliament, which as of this writing has been signed by 20 members, states, “That this House notes recent research showing that the British Overseas Territory of Bermuda is a major hub for oil industry tax avoidance, and hosts the headquarters of three of the world’s top ten oil drilling contractors, four of the world’s ten biggest oil tanker companies, Shell and Chevron offices, and industry insurance companies; further notes the Iran war means oil companies are securing record profits, which Bermuda helps them avoid taxes on; and calls on the Foreign, Commonwealth and Development Office to investigate what further actions can be taken to stop the oil industry using British territories to avoid taxes around the world.”
Government Statement
A Government spokesperson said, “Early Day Motions are used by MPs to put on record the views of individual MPs. It is important to note this particular Motion does not reflect any formal position of the UK Government. Motions of this kind are also rarely debated, and it may never come before the House for debate.
“The Government consistently engages with UK MPs reinforcing that Bermuda is a compliant, transparent, and well-regulated jurisdiction that meets international standards on tax transparency, regulatory cooperation, anti-money laundering, and beneficial ownership, and suggestions to the contrary are simply not credible. The claims referenced in this motion are based on outdated and inaccurate assumptions, including a failure to recognise Bermuda’s corporate income tax regime now in force.”
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