Premier and Finance Minister Paula Cox has tabled a bill to strive for greater tax transparency as set out by the Organisation of Economic Co-operation and Development (OECD) in advance of next week’s OECD Global Forum.The Specified Business Legislation Amendment Act 2011, which was put forward in the House of Assembly on Friday morning, was drafted following an initial Phase 1 Assessment performed by OECD assessors in February last year.During the assessment, a review of Bermuda’s legislative and regulatory framework was undertaken, in order to ascertain whether it could support an efficient and effective exchange of information network for tax purposes.Bermuda was one of only two jurisdictions to receive the determination of “elements met” on all criteria necessary for effective exchange of information. However, some inconsistencies were identified in Bermuda’s legislation and regulatory framework, and a set of recommendations were issued by the OECD.As a result Ministry of Finance officials underwent a detailed consultation process with the Island’s industry stakeholders with a view to implement the recommendations without impacting Bermuda’s comparative advantage in the development and provision of financial services to the global community.“I am pleased to have tabled the Specified Business Legislation Amendment Act 2011 in the House of Assembly,” said Ms Cox. “This legislation is extremely important in that it will strike the correct balance between the internationally agreed standard as set out by the Organisation of Economic Co-operation and Development (OECD) which ensures tax consistency and transparency, while maintaining Bermuda’s unique and successful business model.”In summary, this legislation will establish uniform guidelines for maintaining information and records for all of Bermuda’s financial sectors as outlined in Bermuda’s Peer Review Assessment Report.Minister Cox continued: “I look forward to the passage of this important legislation in the House which will clearly demonstrate Bermuda’s ongoing commitment to internationally agreed standards. This enactment will also allow Bermuda to file its 12 month update to illustrate our progress since the Phase 1 report was adopted in September 2010 and to prepare for our Phase 2 assessment scheduled for the second half of 2012.”The Global Forum meeting will take place at the Fairmont Southampton between Tuesday May 31 and Wednesday June 2 with approximately 200 delegates from 101 jurisdictions from across the world.