Bermuda’s appeal as a domicile for (re)insurance will be dulled by the OECD’s latest international tax plans. However, the impact is likely to be less than the territory experienced after the US tax reform of 2017, says credit ratings agency Fitch Ratings.
Lowtax.net News: Bermuda To Launch Codes Of Conduct For Banks, Insurers
The Bermuda Monetary Authority has released a responses document on the development of a conduct of business regulatory regime in the territory.
Lowtax.net News: Bermuda Regulator To Add Conduct Oversight To Mandate
The Bermuda Monetary Authority has recently released a discussion paper on its plans to broaden its mandate by developing a conduct of business regime for the financial services sectors it regulates.
Lowtax.net News: Bermuda Monetary Authority To Overhaul Enforcement Approach
Bermuda’s financial services regulator, the Bermuda Monetary Authority, has set out plans to change its enforcement processes.
Lowtax.net News: Bermuda Issues Guidance On Payroll Tax Changes
Bermuda has issued guidance on calculating payroll tax for the period April 1, 2020, to March 31, 2021.
Lowtax.net News: US Insurance Regulator Grants Bermuda Reciprocal Jurisdiction Status
Bermuda has been granted Reciprocal Jurisdiction status effective January 1, 2020, and has had its status as a Qualified Jurisdiction extended by the National Association of Insurance Commissioners (NAIC), after a five-year evaluation.
Lowtax.net News: Progress Being Made On Closing ‚Harmful‘ Tax Regimes: OECD
The OECD has issued another update on jurisdictions‘ progress to amend their preferential tax regimes to remove harmful elements under the OECD base erosion and profit shifting Action Plan minimum standard on harmful tax regimes (Action 5).
Lowtax.net News: EU Removes Three Territories From Tax Blacklist
The European Council has confirmed that Aruba, Barbados, and Bermuda are to be removed from the EU’s list of non-cooperative tax jurisdictions.
Lowtax.net News: EU Expands Tax Blacklist, Penalizing Non-Reformers
The EU has tripled its list of non-cooperative tax jurisdictions to include 15 countries.
Lowtax.net News: Bermuda Discusses Rental Tax Proposal, Tax Data Exchange
Bermuda’s Government has stated that proposals for a rental income tax, detailed in a pre-budget report, were released as part of a consultation exercise and that the proposal for the levy has not been confirmed or formally announced. A decision on whether to include the measure in the Budget will be revealed when it is presented to parliament on February 22, 2019, it said.