Hashtag: #EUSubstanceIssue

Carey Olsen On Economic Substance Act

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

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

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

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

Finance Minister On Economic Substance Act

Finance Minister On Economic Substance Act

[Written by Minister of Finance Curtis Dickinson] On Monday, December 17, the House of Assembly united to pass the Economic Substance Act 2018. This saw all 36 Parliamentarians united in defence of and support of our Financial Services Industry, and consequently the livelihood of our country. The people of Bermuda can be proud of their government in... Read more of this article

Audio: MPs Pass Economic Substance Bill

Audio: MPs Pass Economic Substance Bill

MPs passed the Economic Substance Bill 2018 in the House of Assembly, with the Bill receiving bipartisan support, with MPs on both sides of the aisle noting that the island stands together against external pressures directed at our financial service sector. The Bill’s explanatory memorandum states it “imposes an obligation on an entity that... Read more of this article

Revised Version Of Economic Substance Act

Revised Version Of Economic Substance Act

The House of Assembly is currently discussing the ‘Economic Substance Act 2018’, with the previous Act having been replaced with a revised version. The Premier had previously stated that the House of Assembly, which normally meets on Fridays, would meet again today to consider the Economic Substance Act 2018, saying, “We intended to rise for... Read more of this article

House Of Assembly To Meet On Monday

House Of Assembly To Meet On Monday

“We are determined to meet our obligations and ensure the continued success of a thriving international business sector in Bermuda.” said Premier David Burt today on advising that the House of Assembly would meet on Monday [Dec 17] to consider the Economic Substance Act 2018. The Premier said: “We intended to rise for the Christmas break after... Read more of this article

Economic Substance Bill Tabled In The House

Economic Substance Bill Tabled In The House

Minister of Finance Curtis Dickinson tabled the Economic Substance Bill in the House on Friday, with the Ministry saying the intention is that the legislation — which seeks to “enhance provisions relating to economic substance for registered entities” — will be in force by 31 December 2018. Background Last year the Council of... Read more of this article

Premier Burt Updates On Discussions With EU

Premier Burt Updates On Discussions With EU

Premier David Burt provided an update on the negotiations with the European Union over their concerns about ‘economic substance,’ saying that a “draft Bill and related regulations have been discussed extensively with the EU” and will be tabled in the House during this sitting. Background Last year the Council of the European... Read more of this article

Premier Updates Opposition Leader On EU Talks

Premier Updates Opposition Leader On EU Talks

Premier David Burt meet with newly sworn in Opposition Leader Craig Cannonier today [Sept 27] to provide an update on the latest round of discussions with the European Union. Premier Burt tweeted the photos below, saying, “In Parliament I pledged to keep the Opposition informed of developments related to Bermuda’s negotiations with the European... Read more of this article

Premier Burt Updates On European Council List

Premier Burt Updates On European Council List

“Bermuda’s commitment letter was sufficiently clear and we therefore were not entered on the list of non-cooperative jurisdictions by the European Council,” Premier and Minister of Finance David Burt said in the House of Assembly today [June 8]. In providing an update on the dialogue with the EU, Premier Burt said, ”Subsequent... Read more of this article

EU Release Bermuda’s ‘Commitment Letter’

EU Release Bermuda’s ‘Commitment Letter’

The Council of the European Union has released “commitment letters” from a number of jurisdictions, including Bermuda, with the letter noting Bermuda’s “long standing and constructive relationship with the EU” and committing to address the concerns about “defacto lack of substance for entities doing business in or... Read more of this article

Video: Premier Burt On Relationship With EU

Video: Premier Burt On Relationship With EU

Bermuda is one of the leading countries in adopting country by country reporting for multi-national enterprises, and we will continue to cooperate with the European Union who is an “important partner for Bermuda,” Premier and Finance Minister David Burt said. These were some of the comments from Premier Burt when he sat down with Bernews... Read more of this article

Premier Burt On European Council Conclusions

Premier Burt On European Council Conclusions

Following the ECOFIN meeting in Brussels, Finance Ministers of European Member States “reaffirmed Bermuda’s status as a cooperative tax jurisdiction, “Premier David Burt said. Speaking in the House of Assembly today [Dec 8], the Premier, who also serves as Minister of Finance, said, “As I have said time and time again, Bermuda is... Read more of this article

‘EU Decision Demonstrates Bermuda’s Position’

‘EU Decision Demonstrates Bermuda’s Position’

[Updated] The Government of Bermuda said they note that the Economic and Financial Affairs Council [ECOFIN] has “reaffirmed Bermuda’s status as a cooperative tax jurisdiction.” Premier David Burt said, “Once again the EU has recognized Bermuda’s status as a cooperative jurisdiction, despite the interest surrounding a hack on a global... Read more of this article