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April 20, 2016

Bermuda adopts Country by Country reporting regime

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).

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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.

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