After a frenzied few months of signing TIEAs, Bermuda has been moved onto the OECD “whitelist” of law abiding citizens. That’s very good news.
Government is rightfully thrilled to have dodged the bullet – the Premier sagely pointing out that our economy is important to our livelihoods, and promising that this is not the end of [...]
Entries Tagged as 'tax haven'
Priorities
June 10th, 2009 · Comments Off · Bermuda Politics, Business
Obama Nails Offshores
May 4th, 2009 · Comments Off · Bermuda Politics
President Obama today will announce a series of measures to shut down offshore tax havens, reckoning it will bring in $210 billion over the next decade.
One of the proposed changes would eliminate companies’ ability to defer tax payments on profits that result from overseas investments, which they currently can deduct immediately from their tax bills.
Corporations [...]
Tags:tax haven
On 12
April 28th, 2009 · Comments Off · Business
The Bermuda Government is complaining that our island was included on the OECD grey list as Bermuda committed to the OECD standards in 2000 and was already negotiating a stack of tax information exchange agreements (TIEAs) to reach the target of 12 when the list was released last month. The OECD has responded, positively but [...]
Grim Scotsman
April 13th, 2009 · Comments Off · Business
The Grim Scotsman has apparently written the overseas territories wagging his finger:
The Prime Minister, Gordon Brown, has put British overseas tax havens under renewed pressure to end their culture of secrecy within six months or face sanctions. Mr Brown has written to all British Crown dependencies and overseas territories, setting them a September deadline to [...]
Upwards Pressure
April 7th, 2009 · Comments Off · Business, Reform
The OECD just announced that the four countries named on its “tax haven blacklist” last week – Costa Rica, Malaysia, the Philippines, and Uruguay – have all cried UNCLE and agreed to the OECD information sharing principles.
This means that all attention will now focus on the “greylist”, which includes Bermuda.
Obviously, it behooves Bermuda to make [...]
Tags:G20·money laundering·OECD·tax haven
OECD Starts to Name & Shame
April 2nd, 2009 · Comments Off · Business
Following the G20 meeting in London, the Organisation for Economic Cooperation and Development started naming and shaming non-compliant tax havens this afternoon.
The G20 countries have agreed to work towards levying sanctions on non-compliant countries.
Read the OECD announcement
Look at the OECD list
40 countries are shown as compliant, including the offshores of the Channel Islands, Isle of [...]
Tags:G20·money laundering·OECD·tax haven
G20 backs OECD on Offshores
April 2nd, 2009 · Comments Off · Bermuda Politics, Business
The news is starting to seep out of the G20 meetings regarding what will be done to the offshore jurisdictions, who have been a convenient scapegoat for politicians in the past weeks.
Treasury minister Stephen Timms says the G20 have agreed to impose sanctions on tax havens that refuse to sign up to OECD rules to [...]
Tags:G20·money laundering·OECD·tax haven
Witchhunts
March 26th, 2009 · Comments Off · Business
UK Prime Minister Gordon Brown was hoisted on his grim petard in the European Parliament yesterday for his hypocrisy. Can you imagine such a bold and forthright statement being made in our little league assembly?
I believe that Gordon Brown’s whipping up the hounds over offshores is merely a cover to distract attention from his earlier [...]
Tags:G20·money laundering·OECD·tax haven
G20 and Tax Haven Hypocrisy
March 26th, 2009 · Comments Off · Business
As a performance hiding sideshow, the G20 leaders are whipping up the hounds over tax havens – and the media is largely too complacent to ask questions.
The Economist, which is the only news magazine left worth reading, hits the nail right on the head: the G20 countries have more laxity in terms of money laundering [...]
Tags:G20·money laundering·OECD·tax haven
Jurisdictional Competition
March 25th, 2009 · Comments Off · Business
World leaders have whipped up a frenzy against the so-called “tax havens”. I suppose it’s their way of keeping the wingnuts busy, and diverting any embarrassing questions about their own complicity in the economic meltdown. It’s the equivalent of Bermuda’s own bullets-in-the-mail, rubber checks, racist dogs, Beyoncé’s coming, and plantation questions.
Take this fine rant:
But what [...]
Tags:G20·money laundering·OECD·tax haven