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Tax

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Bermuda joins multilateral exchange of tax information convention

Minister of Finance Bob Richards announced that the Government of Bermuda’s participation in the Multilateral Convention on Mutual Assistance in Tax Matters (the Convention) has been officially notified to the Council of Europe and the OECD. A Minis...
Nov 22, 2013
Other

Richards calls tax report ‘total nonsense’

Bermuda is the most secretive UK offshore territory, according to an influential British think tank on tax. Now the Tax Justice Network (TJN) has written to the Queen asking her to intervene to tackle “tax havens and secrecy jurisdictions” where she ...
Nov 08, 2013
Other

The good old days

Happy 100th birthday to the United States Federal income tax which was signed into law on October 3, 1913. The initial income tax rate in 1913 was one percent with a one percent surcharge on income over $20,000 rising to a six percent surtax for inco...
Nov 01, 2013
Other

"Google shifts $12b to Bermuda"

Internet giant Google has revealed its Dutch arm funnelled nearly $12 billion to Bermuda to avoid paying tax on its profits. The latest figures show that Google Netherlands Holding, raked in $1.6 billion from its Irish sister company and $315 million...
Oct 14, 2013
Other

"NYT: New tax shelter is ‘merger abroad’"

The new corporate tax shelter is a “merger abroad”, the New York Times says in an article yesterday. “Many companies that have recently moved their domicile for tax reasons have chosen European countries with low tax rates, like Ireland and the Nethe...
Oct 10, 2013
Other

"Chamber hopes for positive signs after meeting UK officials"

Two top Foreign Office officials have paid a flying visit to Bermuda to familiarise themselves with the Island’s business environment. And Tim Colley and Marilia Astle took time to meet with Chamber of Commerce members — who stressed that Bermuda was...
Oct 09, 2013
Other

"Google’s tax affairs in Bermuda again under scrutiny"

By Raymond Hainey The tax spotlight was yesterday turned on Bermuda again after it was revealed that internet giants Google last year paid a tiny percentage in UK tax on sales of nearly $5 billion — by funnelling cash to the island. Previous revelati...
Oct 01, 2013
Other

"Deadline looms for medical insurance requirement"

By James Paul Sabo Two key pieces of President Obama’s health reform legislation, the Patient Protection and Affordable Care Act of 2010, were to take effect on January 1, 2014, namely the requirement for entities with more than 50 full-time employee...
Oct 01, 2013
Local Business

"KPMG to host anti-money laundering meetings"

A series of anti-money laundering events are to be held in the run up to new international regulations coming into force next January. The four roundtable meetings will focus on three major strands of Bermuda business — insurance, banking, investment...
Sep 26, 2013
Other

"Tax approach keeps Nike happier in the long run"

The company reportedly has $7 billion of profits parked offshore with 12 subsidiaries in Bermuda. “What is fun about this is that Nike apparently named its tax shelters after its shoes,” according to a Forbes contributor. Writing on the Forbes Tax An...
Sep 17, 2013
International Business

"Premier welcomes UK PM’s endorsement"

Bermuda has welcomed recognition from British Prime Minister David Cameron that it is not a tax haven. In a statement together with other premiers and chief ministers of the British Overseas Territories, Premier Craig Cannonier said he welcomed Mr Ca...
Sep 16, 2013
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