Bermudian Premier and Minister of Finance Edward David Burt will meet with European Union (EU) Commissioner for Financial Services Mairead
Bermudian Premier and Minister of Finance Edward David Burt will meet with European Union (EU) Commissioner for Financial Services Mairead McGuinness today in Prague.
Burt is in Czechia’s capital for the bi-annual EUROFI Conference. The finance thinktank brings together heads of state, multilateral leaders, non-governmental organizations and private corporations to strengthen the integration of European financial markets.
Burt and McGuinness will likely discuss Bermuda’s status on the EU list of non-cooperative jurisdictions for tax purposes, or tax ‘grey list,’ which identifies foreign jurisdictions that fail to comply with international tax standards but have committed to future reforms. Following its cooperative efforts with the EU Code of Conduct Group, the Ministry of Finance expects Bermuda to be removed from the list.
As the European Council will be unable to officially alter their taxation list until their next meeting in October, Burt may highlight recent Bermudian tax reforms to gain favor with McGuinness. If it continues to implement the agreed-upon reforms sanctioned by the EU Code of Conduct, Bermuda will see its name removed from the grey list in the fall.