HAMILTON, Bermuda, Dec. 20, 2013 /CNW/ - The Hon. E.T. (Bob) Richards
J.P., M.P., Minister of Finance, announced today that the French
Ministry of Finance has informed the French Association of Financial
Management (AFG) that "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 has also directly informed the Bermuda
Ministry of Finance.
Minister Richards offered his gratitude to French officials for
facilitating the meeting earlier this year between French and Bermudian
Ministry of Finance officials, adding that officials from Bermuda are
"pleased that Bermuda has now been delisted".
Minister Richards said: "I was impressed with 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
recognised as complying with the highest international standards on tax
transparency and compliance."
Minister Richards added, "I wish to thank His Excellency the Governor of
Bermuda and British Officials including the Chancellor of the Exchequer
in London who gave us support behind the scenes."
Yesterday Bermuda signed the US FATCA Intergovernmental Agreement to
assist the US to fight against tax evasion.
In September 2013, Bermuda joined the OECD Multilateral Convention on
Mutual Assistance in Tax Matters to facilitate cooperation between
jurisdictions in the assessment and collection of taxes, in particular
to combat tax avoidance and evasion. This means Bermuda is now among
the leading international financial centers with transparency
agreements as Bermuda now has over 60 tax transparency agreements when
counting both bilateral and multilateral agreement partners.
Notes to Editors
Bermuda is a self-governing British Overseas Territory in the Atlantic
Ocean covering approximately 21 square miles with an estimated
population of 64,867.
The economy of Bermuda is based primarily on international business and
tourism; in 2012 these sectors represented approximately 25.1%
and 5.4%, respectively, of Bermuda's estimated nominal GDP of
$5.47 billion. The Government estimates that in 2012 the tourism sector
accounted for about 16% of employment. The estimated per capita nominal
GDP in 2012 was $84,402, one of the highest in the world.
Bermuda is a leading international financial centre and is considered
the risk capital of the world with insurance assets accounting for over
60% of all financial activity. It contributes up to 100,000 jobs to the
UK economy and, as a result of its robust but flexible regulatory
system and consumption-based tax system, large numbers of leading
international insurance companies operate in Bermuda.
The territory has taken the lead in transparency and cooperation on
international taxation matters with 40 Tax Information Exchange
Agreements with 90% of the G20 and 76% of OECD and 52% of EU member
Bermuda is rated AA- by Fitch Ratings Agency, Aa3 by Moody's Investor
Service and AA- by Standard and Poor's.
SOURCE: Government of Bermuda
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