Bermuda asks to join OECD tax transparency convention

By added on 13/09/2013

The government of Bermuda has written to the UK Foreign and Commonwealth Office (FCO) to request inclusion in the Multilateral Convention on Mutual Assistance in Tax Matters (the Convention) "at the earliest possible moment," a government spokesman said, reports Tax News.

The Convention was established in 1988 by the Organization for Economic Cooperation and Development and the Council of Europe to facilitate cooperation between jurisdictions in the assessment and collection of taxes, in particular to combat tax avoidance and evasion.

The Bermuda government spokesman noted that 56 jurisdictions have so far signed the Convention.

Bermuda's Finance Minister Richards said: "We are delighted to have become signatories to the Multilateral Convention which will further establish our leadership as a best practice environment for financial transparency and efficiency."

The Council of Europe recently announced that the Turks and Caicos Islands will sign the Convention on December 01.