The need to educate other countries about Bermuda’s business reputation is intensified because of uncertainty in Europe, according to David Burt.

The Premier gave MPs a report on his recent trip to Brussels, Paris and London, in which he met with European Union Cabinet of Commissioner Pierre Moscovici.

He told the House of Assembly: “I outline the challenges within Europe to highlight the current uncertainty of politics in Brussels and across Europe.

“This uncertainty means that Bermuda will, now more than ever, need to continue to educate others about our business model and reputation.

“During my visit I had the opportunity to meet with the head of staff in the Cabinet of Commissioner Moscovici to begin this process of greater understanding.

“Our message is that Bermuda adheres to all international standards of tax transparency.”

He said these include:

• Bermuda complies with all OECD criteria of transparency and exchange of information for tax purposes;

• Bermuda has been recently rated “largely compliant”, on exchange of information upon request;

• Bermuda is the only UK Overseas Territory to have put into practice the OECD Country by Country reporting regime. As a result, the French Government has placed Bermuda on its CBC Reporting White List, the only UK Overseas Territory to have received this designation;

• Bermuda was the first UK Overseas Territory to join the Base Erosion and Profit Shifting inclusive framework, by joining effective January 1.

Mr Burt continued: “Bermuda shares data upon request and through automatic exchange through our tax information exchange reporting portal.

“This portal has received Common Reporting Standards information from industry and has delivered it automatically to OECD members including EU member states via the OECD’s reporting portal.

“Bermuda’s portal is also now live for receiving CBC information from the applicable large multinationals headquartered in Bermuda. It will be able to upload this CBC information to the OECD portal by the middle of 2018.”

He said during his discussion with OECD Secretary General Angel Gurria, Mr Gurria had praised Bermuda’s recent OECD rating of “largely compliant”.

Mr Gurria also applauded Bermuda’s placement on France’s CBC reporting White List, and the measures taken on levels of transparency, Mr Burt said.

• To read Mr Burt’s statement in full, click on the PDF under “Related Media”