Industry groups on Bermuda including the Association of Bermuda Insurers & Reinsurers (ABIR)have pledged their support to efforts by the Bermuda government to get the country removed from the European Union’s so-called blacklist list of "non-cooperative" jurisdictions as quickly as possible.
In what clearly came as a shock to Bermuda, the EU yesterday (Tuesday March 12) included Bermuda on a blacklist of 15 countries it said fail to meet good tax governance standards.
Bermuda was moved from the so-called grey-list to the blacklist for having failed to follow up on commitments previously made but not taken.
The Bermuda Premier David Burt responded by admitting being blacklisted was a “setback” but he added that he is also confident Bermuda will soon be removed from the blacklist.
Bermuda, Blacklisted, EU, Tax, Governance standards, ABIR, John Huff, Roland Andy Burrows, BDA, Reinsurance, Insurance, Corporate Tax