The Government will update the Financial Policy Council (FPC) today on work being done to understand and assess the potential impact of the global tax agreement on Bermuda.

A government statement last night said: “The Ministry of Finance will have the opportunity to report on the significant work that has been done since July in advocating for Bermuda’s interests, as these substantial tax proposals have been discussed at the OECD and in many of Bermuda’s key trading partners.”

The statement acknowledged joint work by public and private stakeholders as a critical factor in the growth and development of Bermuda’s economy.

Members also stressed that sound and productive industry-government dialogue has been at the heart of Bermuda’s ability to successfully navigate wide-ranging and fast-moving international reforms, from tax to regulation to financial supervision.

The FPC is to be informed on recent work that has been undertaken involving government and industry participants collaborating to address critical threats and capitalise on opportunities in relation to fiscal and economic matters.

The statement said: “The Ministry of Finance will also be able to provide further updates, as they did in July, on actions being taken to understand and assess the potential impact of the global tax agreement on Bermuda.”

Key work of the advisory body is to consider and comment on key risks to Bermuda’s financial stability. Some members will join via teleconference and others will take part in person at the Ministry of Finance.

The statement noted: “In July, the FPC reviewed an FPC register of key risks to Bermuda’s financial stability and discussed the relevance of the risks in the register in light of domestic and international developments, including the growing influence of climate risk.

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“With input provided by the BMA and Ministry of Finance teams, discussions this week will focus, in particular, on banking sector risks.

“Finally, it is intended that this week’s meeting will include consideration of matters related to reviewing FPC and, in particular, the next steps to make a review process operational.

“This will allow for an assessment to be undertaken to further enhance the role and work of the FPC, and the positive contribution that it makes in promoting and preserving financial stability within the Bermuda economy.”

There will also be discussions on developments for Bermuda’s Economic Recovery Plan, the 2021 Throne Speech initiatives and key findings of the 2021 report from the Fiscal Responsibility Panel.