Bermuda has been given rated ‘largely compliant’ with international standards of tax transparency by the Organisation for Economic Co-operation and Development (OECD).

Finance Minister Bob Richards said he was “very pleased” with the rating, which puts the Island on the same level as many of the world’s largest economies, including the US, the UK and Germany.

The Cayman Islands, one of Bermuda’s direct competitors for international business, also received a ‘largely compliant’ rating. Another Bermuda competitor, the Isle of Man, was judged ‘compliant,’ along with Japan, India, South Africa and South Korea, among others.

The OECD Global Forum has completed its assessment of 50 jurisdictions and announced the results last Friday at a meeting in Jakarta, Indonesia.

Assessed in ten areas, Bermuda was rated ‘compliant’ in seven of them. In the other three — ownership, accounting and confidentiality — it was adjudged ‘largely compliant’.

In a written statement, Mr Richards said: “These OECD ratings follow a similar tiered rating system as the IMF ratings; Compliant, Largely Compliant, Partially Compliant, Non-Compliant.

“I am very pleased Bermuda has received the rating of Largely Compliant, the same as the UK, USA and many other G8 nations. These ratings are comprehensive and carried out in an assessment methodology of total transparency as every country was assessed on its legislative and procedural regime for administering Tax Information Exchange Agreements (TIEAs).”

Useful website: http://www.oecd.org