Taxation: Bermuda

Treasury written question – answered on 4th March 2014.

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Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask the Chancellor of the Exchequer if he will take steps to ensure that Bermuda receives public recognition and credit for its open and honest compliance with his Department's request for taxation transparency and reform.

Photo of David Gauke David Gauke The Exchequer Secretary

All of the UK's Crown dependencies and overseas territories with financial centres have taken significant steps forward on tax transparency putting them at the forefront of this agenda globally. This has been publicly recognised by the Government. In addition to signing agreements with the UK for the automatic exchange of tax information, they have also agreed to be early adopters of the new global standard for automatic exchange, recently endorsed by the G20 at its meeting of 22 February in Sydney. Meeting a commitment made during the UK's G8 presidency all of the Crown dependencies and overseas territories have also had extended, or are in the process of obtaining extension of the UK's signature of the multilateral convention on mutual assistance in tax matters. They have also published action plans on beneficial ownership, setting out the concrete steps they will take to ensure greater clarity about who really owns, controls, and benefits from companies and legal arrangements in their jurisdictions. We will continue to work closely with the Crown dependencies and overseas territories and will continue to press other financial centres to match the steps they have taken.

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