Thursday, April 25, 2024

Bermuda off tax blacklist

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HAMILTON, Bermuda (CMC) – Bermuda’s Finance Minister Bob Richards said today that France had agreed to remove the island from its tax blacklist.
He said the move follows high-level talks between French and Bermuda officials.
“I was impressed by the goodwill shown by French officials in working with Bermuda officials to resolve the matter before the end of the year.
“We were confident that any entry on France’s list would be very short-lived as Bermuda is globally recognized as complying with the highest international standards on tax transparency and compliance,” Richards said.
Bermuda and British Crown dependency Jersey as well as the British Virgin Islands – like Bermuda a British Overseas Territory – were added to the French list of jurisdictions labelled as uncooperative by French authorities in August.
The move meant the French could impose a 75 per cent withholding tax on French money coming to Bermuda. Officials said Jersey has also been removed from the French blacklist for 2014.
“Jersey and Bermuda have been informed that they will be removed from the list for 2014, which means that the retaliation measures provided for by law will not be applied,” the French Ministry of Finance said in a statement.
Richards praised Governor George Fergusson and UK Treasury staff, including Chancellor of the Exchequer George Osborne, for their backing for Bermuda’s bid to be de-listed by the French.

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