Bermuda Government objects to Corbyn blacklist comment

27-11-2017

The Government of Bermuda has noted the statement made last week in the House of Commons by the Rt Hon Jeremy Corbyn MP, Leader of Her Majesty's Opposition, who asked Prime Minister Theresa May if the UK Government would be “blacklisting tax havens like Bermuda”.

In a statement the Bermudian Government said: “Bermuda has no place on any 'black list', and indeed has recently, for example, had its status as a 'white listed' jurisdiction by the Government of France.

“Bermuda is a recognised leader in international tax compliance and tax transparency with 114 tax treaty partners, and, as an early implementer of the Common Reporting Standard, is the first UK Overseas Territory to adopt country-by-country (CbC) reporting.”

Bermuda’s Premier and Minister of Finance, the Hon. David Burt JP, MP, said: “There appear to be one or two misconceptions about the role of Bermuda and some other territories in the wider UK economic portfolio. As many know, since 2015 the automatic reporting regime means HM Revenue and Customs is informed real time of relevant corporate matters on the island.”

In addition the Bermudian Government also highlighted the Chancellor of the Exchequer's proposals to attach the UK corporate income tax rates to digital revenue generated in the UK and currently paid into 'low tax jurisdiction[s]'.

“We welcome the Chancellor's proposals to capture value on digital and other income originating in the UK, including presumably, on entities who currently have income allocated to Bermuda” said Premier Burt. “We of course receive no income on these matters either.”

Government of Bermuda, UK, Tax, Jeremy Corbyn, David Burt

Bermuda Re