Finance Minister Eugene Cox was in upbeat mode after visiting Washington DC to lobby Congressmen over new tax laws aimed at grabbing more tax from US firms setting up shell corporations overseas.

However, he was giving little away before he has briefed Government colleagues.

He told The Royal Gazette: "I can say it went very well but I feel I must come back and appraise Cabinet properly on Tuesday then I will have further news on those meetings."

He said Government had timed its visit perfectly.

His view contrasts with that of former Premier Sir John Swan who said Bermuda's intervention was too late after months of speculation in the US that laws would be passed to the detriment of Bermuda.

Mr. Cox was accompanied by Financial Secretary Donald Scott and Assistant Financial Secretary Ifor Hughes for the lobbying sessions on Wednesday and Thursday.

Bermuda has recently come under attack, being called the "tax haven of choice" by some US legislators who are trying to discourage American companies from reincorporating overseas.

Legislators in both the US Senate and House of Representatives are pushing for the legislation.

The proposed legislation seeks to close the loophole whereby a company incorporates overseas and avoids taxes on the company's overseas income.