Alerts

  • The Department of Public transportation has advised that the DPT Kiosk at Central Terminal in Hamilton will be closed all day on Sunday, February 25th due to construction work being carried out on the building. 

Alerts

  • The Ministry of Health is seeking your views on the proposed Sugar Tax and changes to the Mental Health Act. You will find the consultation documents and online feedback forms here.

Common Reporting Standard for the OECD

UK FATCA

Under UK FATCA IGA Model 2, those companies designated Foreign Financial Institutions (FFIs) under UK FATCA in Bermuda, will need to report information directly to Her Majesty’s Revenue & Customs (HMRC) in London in order to comply with Section 4A of the Bermuda International Cooperation (Tax Information Exchange Agreements) Act 2005. 

Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Bermuda to Improve International Tax Compliance. 

Ministry of Finance provides implementation details for UK FATCA

Statement from Ministry of Finance Treaty Unit

Renewal of FFI Agreement

FFI agreement renewal FAQs

UK FATCA will be repealed

Ministry of Finance provides confirmation of the phasing out of UK FATCA

It is anticipated that the UK FATCA IGA Model 2, and any applicable regulations and guidance notes relating to same, will be phased out such that from 2018 onwards reporting will be required only under the CRS. This means that from 2018 there will no longer be an option to report directly to HMRC and the reporting of UK reportable persons should only be made pursuant to the CRS via the Bermuda Electronic Portal.

Additional reading

International framework for the CRS 
Signatories Of The Multilateral Competent Authority Agreement 
Standard For Automatic Exchange Of Financial Account Information For Tax Matters 

Tax Information Reporting Project - Registration of Interest, June 2016

Tax Information Reporting Project - Request for Proposals (RFP)

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