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EU REMOVES BERMUDA FROM LIST OF NON-COOPERATIVE TAX JURISDICTIONS

The European Union's Economic and Financial Affairs Council (ECOFIN) has removed Bermuda from the list of non-cooperative tax jurisdictions effective today, 17 May 2019.

The EU unanimously decided to rapidly remove Bermuda from the list after it had originally been adopted on 12 March 2019.

This decision demonstrates Bermuda's commitment to upholding a strong regulatory framework, with the enactment of the Economic Substance Act. The Act requires entities with tax residence, or in some cases residency, and income in impacted jurisdictions to evidence adequate local resources, facilities and control over income generating activities.

Bermuda continues to build on the Island's commitment to tax transparency and its strong reputation for compliance with global standards.

Please contact your usual Estera contact or Alison Dyer-Fagundo, to inquire how Estera can assist you with complying with the Economic Substance requirements.

 

 


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