Bermuda registers concerns, particularly in relation to the financial services sector and timeline for effective implementation
Hamilton, Bermuda – July 1, 2021: As a country committed to transparency, cooperation and high levels of compliance with international standards, the Government of Bermuda joined the Statement on a new framework for international taxation arising from the OECD (‘Inclusive Framework’) meeting of July 1, 2021, and looks forward to supporting its ongoing technical discussions ahead of the meeting of G20 Finance Ministers in October 2021. Bermuda has been actively involved in ongoing discussions relating to this initiative to present positions that reflect the national interest and that of our various stakeholders. As part of that approach, we recognised the need to join with other members of the Inclusive Framework to reach this position supported by a significant majority of the membership.
Minister of Finance the Hon. Curtis Dickinson JP, MP, said: “We fully intend to remain an active participant in the ongoing work of the Inclusive Framework to complete the development of an appropriate plan. We have noted areas of concern at a technical and practical level, which we look forward to working to resolve constructively in the months ahead.
Financial services is a crucial area of focus for us, and the private sector, given our role as a global hub in key industries such as insurance/reinsurance. Businesses in this sector aid many of the world’s most vulnerable in adversity, and provide climate risk insurance which will be at the heart of making our planet sustainable. In relation to the former, Bermuda re/insurers have paid out more than a quarter of a trillion dollars over the past twenty years in claims arising from both natural and manmade disasters in the US and EU alone.”
We remain committed to working collaboratively with partners in the public and private sector to maximise benefits which can be achieved as a result of this initiative.