FINANCE Minister Eugene Cox announced yesterday that the Government had dropped previously announced plans to amend the law to require annual filing of accounts from international companies.

The changes were expected to be required of Bermuda by the Organisation for Economic Co-operation and Development (OECD). But at an OECD meeting a month ago, attended by Mr. Cox, 33 delegates from nine OECD member countries decided that filing or auditing of accounts would be optional and not obligatory for jurisdictions committed to OECD principles of fair tax competition.

"This result is particularly significant for Bermuda as it means that Bermuda is not now obliged to amend its company legislation to require annual filing of accounts by international companies," said Mr. Cox.

In the House of Assembly in July, Mr. Cox had highlighted the filing requirement as one of Bermuda's commitments to the OECD, but he said it was no longer necessary.