• Last night Ms Cox confirmed that negotiations on a TIEA with Japan had been completed.

She pointed out that the treaty negotiations with Japan included "meaningful benefits for Bermuda such as the mini Double Taxation Agreement benefits for students, pensions and a clause for Prohibition of Prejudicial or Restrictive Measurers which provides an undertaking that Japan would not adopt measurers which discriminate against Bermuda compared to other major economies for example members of the OECD".

She added: "We are delighted to have reached another milestone in our continuing efforts to sign Tax Information Exchange Agreements with other jurisdictions. Japan's discussions with Bermuda represented Japan's first TIEA negotiations."