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Photo by: the Government of Bermuda Bermuda has signed up to a major international agreement on country-by-country financial reporting by multinational companies.  Bob Richards, the Minister of Finance, said Bermuda had fallen in line with the Organization for Economic Cooperation and Development reporting regime. The move means companies with international operations will have to file detailed country-by-country reports by the end of next year. The country-by-country reporting scheme follows Bermuda’s decision two years ago to adopt the OECD’s automatic tax information exchange regime, the common reporting standard. Mr. Richards said: “We were one of the first jurisdictions in the world...

NEWS 2020

Photo By: State of Jersey Jersey and the United Arab Emirates have signed a double tax agreement (DTA) in Dubai. The DTA was signed by Jersey's Chief Minister, Ian Gorst, and the UAE's Minister of State for Financial Affairs, Obaid Humaid Al Tayer. Gorst said: "The signing of the DTA will further strengthen the extremely good relationship we have with the Emirati Government. I am delighted to have been able to sign the agreement in the Emirates and to have had the opportunity to personally convey to the Minister the importance we attach to our commitment to a future relationship...

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Appleby Global, the leading offshore law firm, says it is taking legal action in connection with reports following the theft of confidential information, dubbed the "Paradise Papers," including to obtain the files for itself to better support its clients. In a statement on its website, Appleby said: "Our overwhelming responsibility is to our clients and our own colleagues who have had their private and confidential information taken in what was a criminal act. We need to know firstly which of their - and our - documents were taken. We would want to explain in detail to our clients and our...

NEWS 2020

Bermuda's independent Fiscal Responsibility Panel has urged further taxation reform, in its first annual assessment of the island's fiscal strategy since the appointment of a new government. The Panel comprises three leading international experts in public policy, finance, and financial stability, and was established in 2015 to review, monitor, assess, and publicly report on the fiscal reform progress of the government. While welcoming reforms to make payroll tax more progressive, and new taxes on banking and insurance, the Panel expressed disappointment that the Office of the Tax Commissioner remains under-resourced, despite its recommendation last year that funding be increased. It...

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Gibraltar has welcomed recent assurances from the UK's Prime Minister, Theresa May, that it will be covered in any Brexit transitional period negotiated with the EU. Gibraltar's Government said May's assurance made in the House of Commons earlier this week reiterates earlier statements that Gibraltar will be included in Brexit negotiations for both the transitional period and any future agreement, contradicting statements made by Spain and the EU. Gibraltar says it has already received the unequivocal commitment of David Davis, the UK Minister in charge of the UK's Brexit negotiations, that the UK "will not do the deal" with the...

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The International Stock Exchange (TISE), formerly the Channel Islands Securities Exchange, has launched a service to assist local financial services firms with achieving compliance with new EU-wide identification requirements. Under the EU's Markets in Financial Instruments Directive II (MiFID II), which takes effect from January 3, 2018, financial services firms wishing to operate in EU member states must obtain a unique 20-character alphanumeric identification code, known as a Legal Entity Identifier (LEI). TISE says it is now able to act as an "accessible conduit" through which local firms are able to obtain LEIs for their own entities or those of...

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Bermuda's financial services regulator, the Bermuda Monetary Authority, has highlighted the investment risks associated with new technologies such as cryptocurrencies in a recent media release. In particular, the Authority has warned investors that unregulated initial coin offerings (ICO) – sometimes referred to as initial token offerings – are being used as a method of raising funds by start-ups, and, as such, are bypassing the rigorous and regulated capital-raising process required of venture capitalists or banks. With ICOs, investors are able to use cryptocurrency (such as bitcoin) to purchase coins or tokens via the internet for a set period of time....

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The British Virgin Islands' Government has announced the creation of a new insurance claims tribunal. The creation of the tribunal follows last year's hurricanes, and is intended to address concerns and complaints of islanders navigating their way through the insurance claims process. According to Premier Orlando Smith: "There is an urgent need to get claims processed so residents can rebuild their homes and have safe housing for those that are still displaced, and for commercial properties to be restored to bring back services that have been disrupted." The tribunal will receive and investigate reports from insured persons who are unhappy...

NEWS 2020