• Register
Return to: Home > announcements > Bermuda adopts Country by Country reporting regime

Bermuda adopts Country by Country reporting regime

Press release by Deputy Premier and Minister of Finance, the Hon. E. T. Richards JP, MP

Press release by Deputy Premier and Minister of Finance, the Hon. E. T. Richards JP, MP - Hamilton, Bermuda, April 19, 2016: Minister of Finance the Honourable E.T. Bob Richards today announces that last week Bermuda signed its Declaration to the Multilateral Competent Authority Agreement for the exchange of Country by Country Reports ("CbC") after a long period of consultation with industry which began last year. In doing so, Bermuda adopts the OECD's CbC reporting regime, applicable to multinational enterprises ("MNEs").

Bermuda's CbC Declaration will, from the 2016 fiscal year, instruct MNEs headquartered in Bermuda to file their CbC information to the Minister of Finance by December 31st, 2017. This start date is in line with France, the UK and a number of other countries, and is an extension of Bermuda's move in October 2014 to become an Early Adopter of the OECD's other automatic exchange of tax information regime: 'the common reporting standard' ("CRS"). Through the CRS, Bermuda already requires financial institutions to file aspects of their clients' financial information by September 30th, 2017.

Minister Richards said of the Declaration: "We were one of the first jurisdictions in the world to sign up to the common reporting standard in 2014 as an Early Adopter of CRS and so I am proud Bermuda is again setting an example in adopting the Country by Country reporting regime without hesitation. Our government is committed to upholding international best practice in tax transparency." ENDS

Notes to Editors

1. Bermuda has had for over 70 years a world-leading, Government-held central register of beneficial ownership that long pre-dates those in most developed countries, including the UK, and has at every opportunity shared the information requested by legitimate international authorities, within 24 hours. This a central registry that is continuously updated every time a share in a company is transferred.

2. Bermuda is party to the OECD Multilateral Convention on Mutual Assistance on Tax Matters (providing for the exchange of information on request) with all G20 countries, all OECD countries apart from one and all EU Member States apart
from one, and has concluded more than 40 bilateral Tax Information Exchange Agreements (TIEAs).

3. Bermuda is also an "early adopter" of the OECD Convention on the Automatic Exchange of Information and signed the Multilateral Competent Authority Agreement. It is rated as "largely compliant" by the OECD.

Top Content

    Time pressure: Facing up to mental health

    In an ‘always on’ culture, it is becoming increasingly difficult to manage a healthy work-life balance. While companies are beginning to address this problem by introducing different support systems, Joe Pickard finds more could be done to ensure the wellbeing of the professions workforce.

    read more

    Venezuela: the race for the dollar

    With a new currency following hyperinflation, large sections of the population emigrating to neighbouring countries, an economy on the brink of collapse and no apparent solution coming from the government, Jonathan Minter finds a profession struggling to stay afloat in Venezuela.

    read more

    Brazil: transparency and control

    Brazilian accountants have an optimistic view of the impact of more-regular reporting and the implications of audit controversies for the profession. Paul Golden reports.

    read more

    Argentina: looking for a clearer view

    The Argentine accounting profession continues to grapple with the impacts of a weak economy and a culture of financial corruption. Paul Golden takes a closer look.

    read more

    Blockchain: adapting to disruptive tech

    In the relatively few years since digital currencies first began using blockchain technology, the array of potential applications has grown significantly – and continues to expand. Dan Balla, Matthew Schell and Dave Uhryniak from Crowe look at how it impacts accountancy.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.