Bermuda signs tax exchange deal with France
Published by Admin on October 9th, 2009
BERMUDA — Thursday, Oct. 8, 2009 — [Bermuda Wired]: BERMUDA has signed yet another bilateral tax agreement — this time with France.
French President Nicolas Sarkozy has previously stated that jurisdictions which fail to meet global tax transparency standards by March 2010 should be punished with sanctions.
Commenting on today’s signing, Finance Minister The Hon. Paula Cox said: “Bermuda’s ties with France extend beyond our treaty relationship to working together in a leadership position of the Global Forum.
“…Through our amicable and productive bilateral negotiation process, as well as by our mutual achievement today in signing, our two countries have further cemented our close relationship.”
Currently, countries need to have 12 tax information exchange agreements (TIEAs) in place to ensure a place on the Organization for Economic Cooperation and Development’s (OECD) “white list”.
Bermuda received international recognition in June for being the first country to ascend to the OECD white list from the grey list, with its signing its 12th TIEA, with the Netherlands.
And with 16 signed TIEAs in place, Government believes this substantially demonstrates Bermuda’s commitment to implementing the internationally agreed tax standard and offsetting any concern arising from President Sarkozy’s joint declaration.
*Photo credit: PLP.bm web site
The island was most recently assessed as meeting the international tax standards by the Global Forum’s annual assessment of progress, published on August 31.
Additionally, in September, Bermuda was elected a Vice Chair of the Steering Group, the policy-making body of the OECD Global Forum.
Bermuda is the only non-OECD country of the Chair and Vice Chairs of the Steering Group of the Global Forum.
France, like other TIEA partners, extended its praise to Bermuda for this achievement. France is Chair of the Peer Review Group which will be responsible for the universal, robust and transparent monitoring and Peer Review process.
French President Nicolas Sarkozy has previously stated that jurisdictions which fail to meet global tax transparency standards by March 2010 should be punished with sanctions.
Commenting on today’s signing, Finance Minister The Hon. Paula Cox said: “Bermuda’s ties with France extend beyond our treaty relationship to working together in a leadership position of the Global Forum.
“…Through our amicable and productive bilateral negotiation process, as well as by our mutual achievement today in signing, our two countries have further cemented our close relationship.”
Currently, countries need to have 12 tax information exchange agreements (TIEAs) in place to ensure a place on the Organization for Economic Cooperation and Development’s (OECD) “white list”.
Bermuda received international recognition in June for being the first country to ascend to the OECD white list from the grey list, with its signing its 12th TIEA, with the Netherlands.
And with 16 signed TIEAs in place, Government believes this substantially demonstrates Bermuda’s commitment to implementing the internationally agreed tax standard and offsetting any concern arising from President Sarkozy’s joint declaration.
*Photo credit: PLP.bm web site
The island was most recently assessed as meeting the international tax standards by the Global Forum’s annual assessment of progress, published on August 31.
Additionally, in September, Bermuda was elected a Vice Chair of the Steering Group, the policy-making body of the OECD Global Forum.
Bermuda is the only non-OECD country of the Chair and Vice Chairs of the Steering Group of the Global Forum.
France, like other TIEA partners, extended its praise to Bermuda for this achievement. France is Chair of the Peer Review Group which will be responsible for the universal, robust and transparent monitoring and Peer Review process.
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