13/12/21

BERMUDA: House updated on meetings to keep island off EU tax blacklist.

As published on royalgazette.com, Saturday 11 December, 2021.

The House of Assembly was updated yesterday morning on key meetings to keep the island off the European Union’s list of non-cooperative tax jurisdictions.

Curtis Dickinson, the finance minister, briefed MPs on meetings held in London and Brussels.

Mr Dickinson accompanied David Burt, the Premier, to the Joint Ministerial Council of the UK Overseas Territories last month and attended the session on economic resilience at the Foreign, Commonwealth and Development Office.

He said that, in light of the impact of Covid-19, the UK had agreed to work with Overseas Territories’ governments to “explore, as appropriate, opportunities for infrastructure development, assistance in sound public financial management and effective fiscal planning, particularly supporting the diversification of economies through building resilience and investment”.

Mr Dickinson added that the island used the meeting to highlight its role in “evolving international regulatory and tax standards as a leading compliant financial services jurisdiction”.

He said he also met senior officials at the Bank of England.

Mr Dickinson said met the European Commission’s Director for Direct Taxation, Tax Coordination, Economic Analysis and Evaluation during the Brussels segment of the trip.

Another meeting was held with the chairwoman of the Code of Conduct Group, Lyudmila Petkova, in the Council of the EU.

Mr Dickinson said the meetings were vital to keep the island off the EU’s blacklist.

He added Bermuda’s work to meet anti-money laundering rules was said by the European Commission to be “exemplary”.

Mr Dickinson said it was too early to say what Britain proposed in with Overseas Territories governments.

He added the island was on the EU “white list” for economic substance – and that its regime on ensuring compliance with rules on a physical presence for companies was ahead of other jurisdictions.