Hashtag: #EUSubstanceIssue
“Expectation That Bermuda Will Be Removed”
“It is the Ministry’s expectation that Bermuda will be removed from Annex II in October 2022,” the Government said today, in reference to to the ‘grey list’ A Government spokesperson said, “In November 2021, the OECD’s Forum for Harmful Tax Practices [FHTP] issued Bermuda with an urgent recommendation to initiate certain... Read more of this article
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
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
[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
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
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
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 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
“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
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’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
[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
