Island to make case to OECD
hitlist of dodgy offshore jurisidiction in Paris next year, it was revealed yesterday.
For the Organisation for Economic Cooperation and Development have agreed to Bermuda's request to make a submission to the group's top advisors.
Finance Minister Grant Gibbons said: "I have spoken with the head of the OECD's Fiscal Division, the group responsible for the harmful tax jurisdiction review, and our position paper has gone to them.
"I've been assured that Bermuda will have an opportunity to clarify any misunderstandings and reinforce its position in January this year.'' Dr. Gibbons said part of the Bermuda submission to the OECD was a request for the Island's case to be put face-to-face with the international watchdogs -- which has been accepted.
He added: "I've also issued an invitation to the head of the Fiscal Division, or anybody else in his department, to come to Bermuda and get a first-hand look at how well-run a jurisdiction and financial centre we are.'' It is understood OECD chiefs are still considering the offer of a Bermuda trip and have yet to respond.
Dr. Gibbons said: "They were pleased to get the invitation, but it all depends on timing and that sort of thing.'' But he added: "Our experience has been that when people come here, get a sense of Bermuda and talk to those involved in regulation, including the private sector, they get a sense of how well we're run.'' Dr. Gibbons said he and Premier Pamela Gordon had been "very pleased'' with the recent meeting of Overseas Territories in London to discuss tax issues with representatives of the Foreign Office and the UK Treasury.
He added: "We felt it's important for people to hear directly how we do things here.
"Our feedback from that meeting was very positive because of the fact of that face-to-face contact and I would anticipate doing something very similar with the OECD.'' But Dr. Gibbons declined to comment on whether the invitation to a Paris meeting was a sign that the OECD might be coming round to the Island's point of view that it is not a tax haven.
He said: "I don't want to be presumptious here. But this is, from my perspective, a very good opportunity to be able to follow up on our original submission.''