Hashtag: #EUSubstanceIssue
EU Announce Bermuda Added To ‘Tax Blacklist’
[Updating] Summary: EU announced that Bermuda has been added to the list of ‘non-cooperative jurisdictions for tax purposes’ EU also added Aruba, Barbados, Belize, Dominica, Fiji, Marshall Islands, Oman, United Arab Emirates, Vanuatu, and there are now 15 jurisdictions on the list EU stated, “Bermuda facilitates offshore structures and arrangements... Read more of this article
Report: EU To Add Bermuda To ‘Tax Blacklist’
[Updated] The European Union is reportedly set to add Bermuda to their blacklist on Tuesday, according to a report today [March 11] from Reuters, while Bloomberg is reporting that “the United Arab Emirates, Bermuda, and several other jurisdictions are holding last-minute negotiations with the European Union to avoid being added to the bloc’s... Read more of this article
Column: New Reality Of Economic Substance
[Opinion column written by OBA MP Scott Pearman] Denial. Anger. Bargaining. Depression. Acceptance. These emotions, doctors tell us, are the five stages of grief. And the people working in Bermuda’s international business community – ‘Bermuda Inc’ – have experienced most of these emotions since the gunboat of EU Substance appeared on our horizon,... Read more of this article
Kempe On Economic Substance Act Policies
“While the One Bermuda Alliance totally supports Government efforts to encourage companies affected by the EU Substance Act to remain and invest here, it should be noted that nothing announced by the Finance Minister recently was new,” Shadow Finance Minister Nick Kempe said. Senator Kempe said, “The Act may cause some companies to... Read more of this article
Video: Minister On Economic Substance Act
[Updated] Minister of Finance Curtis Dickinson is holding a press conference this afternoon [Jan 10] regarding the Economic Substance Act 2018 initiatives. We will have additional coverage later on and in the meantime the live video is below. Background: In 2017, the European Union threatened to blacklist jurisdictions that did not meet their specifications... Read more of this article
OBA: ‘Appears Absence Of A Cohesive Strategy’
“My Shadow Ministers have been calling for months to hear what Government’s plan is for the economy, healthcare and immigration as it appears there is a complete absence of a cohesive strategy, so for the Finance Minister to chide Senator Nick Kempe about his EU Substance comments misses the point.,” OBA Leader Craig Cannonier said. Background The... Read more of this article
‘Partisanship Should Stop At The Water’s Edge’
“It has been a longstanding tradition in Bermuda politics that when it comes to International Business and our dealings with international bodies these issues should not be used as a political football,” Minister of Finance Curtis Dickinson said, adding that “partisanship should stop at the water’s edge.” The Minister’s... Read more of this article
Kempe: What Is Govt’s Plan For EU Substance?
Government “needs to tell people what its plan is to address the potential effects of the EU Substance Act,” according to Shadow Finance Minister Nick Kempe. The new Act requires companies that are “engaged in a relevant activity” in Bermuda to “comply with the economic substance requirements” with relevant activity... Read more of this article
Carey Olsen On Economic Substance Act
[Written by Carey Olsen Bermuda law firm] The government of Bermuda has published the Economic Substance Act 2018 [the “ESA”]. The ESA, once adopted, is intended to meet the commitment made by Bermuda to address certain concerns raised by the European Union’s Code of Conduct Group [Business Taxation] [the “Code Group”] in relation to the need... Read more of this article
Businesses To Submit ‘Type Of Activity’ Form
The Economic Substance Act 2018 is coming into effect, according to the official Government notices, which states that effective 1 January 2019, every registered entity that submits an application to the Registrar of Companies is required to provide a completed form declaring their type of activity. The new Act requires companies that are “engaged... Read more of this article
ABIR Support Implementation Of ESA Legislation
Bermuda’s leading international insurers and reinsurers, through ABIR, said they “continue to fully support the Bermuda Government’s commitment to facilitate tax transparency and compliance with global standards and maintain the jurisdiction’s top-class reputation.” ABIR noted that the Bermuda Government enacted the Economic Substance... Read more of this article
Cayman Also Pass Economic Substance Bill
As Bermuda’s legislators were passing a Bill designed to keep the island off the European Union’s blacklist, lawmakers in the Cayman Islands were doing the same, with the Cayman also passing an Economic Substance Bill on Monday. This follows after the European Union threatened to blacklist jurisdictions that did not meet their specifications... Read more of this article
