After some initial hesitation, Bermuda reports that its falling in line with steps to impose a tax on global corporations.
Finance Minister Curtis Dickinson told the Bermuda House of Assembly that the government is expanding the scope of jurisdiction’s Tax Reform Commission to include the G7 proposals in its remit and follow-through the final agreement by the wider G20 group of nations in October.
He said Bermuda “will continue to work closely with our industry stakeholders and other strategic partners, to advocate for technical details that are in Bermuda’s interests and seek to enhance Bermuda’s competitive position.”
A Bermuda government statement said: “As a country committed to transparency, co-operation, and high levels of compliance with international standards…it looks forward to supporting its ongoing technical discussions ahead of the meeting of G20 Finance Ministers in October this year.”
Already over 130 countries have indicated that they will ratify the eventual agreement to apply a 15 per cent global corporate tax as a response to companies that register their profits in offshore financial centres.
Their home countries have argued that this exploits loopholes in the national tax laws.
The UK and other G7 countries agreed in London recently to proceed with the move at the behest of the United States. Many commentators have said that this is particularly relevant to Bermuda, the Cayman Islands and other UK Overseas Territories with lucrative financial sectors.
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