Article

BERMUDA: EU to remove island from tax blacklist.


Added on 13/05/2019

As published on bernews.com, Saturday 11th May, 2019.

 

The European Union will remove Bermuda from their tax blacklist on May 17th, according to a report from Bloomberg.

The story said, “The European Union will eliminate Aruba, Bermuda and Barbados from its tax haven blacklist because they are changing their corporate tax laws.

“EU finance ministers will approve the removal at a meeting on May 17, based on documents obtained by Bloomberg News.”

This is in keeping with what Minister of Finance Curtis Dickinson said in Parliament yesterday, with the Minister saying that they believe that the EU will remove Bermuda from the tax blacklist on May 17th.

The Minister said, “We have every reason to believe that the EU Finance Ministers, on May 17, will remove Bermuda from Annex I of the list of non-cooperative jurisdictions in tax matters [the so-called “black list”].

“I should add that when Bermuda is removed from Annex I, we will be placed in Annex II of the EU list with three other jurisdictions [Bahamas, British Virgin Islands and Cayman Islands]. This is because of EU concerns regarding the need for a legislative framework for collective investment funds [CIVs] that meets their expectations.

“We have already committed to continue to cooperate with the EU with respect to the adoption, by the end of this year, of a proper legislative framework for collective investment funds. Bermuda officials have already engaged last month in a positive dialogue with EU representatives to finalize the scope of the required adjustments to our legislation.”