Cox Reiterates Bermuda's Commitment to Stopping Foreign Tax Cheats
Paula Cox, the team at the Ministry of Finance and our allies in Washington, DC are closely monitoring the progress of the "Stop Tax Haven Abuse Act" in the American Congress. Minister Cox told today's Royal Gazette:
This Government shares Senator's Levin's concerns about tax dodgers. Bermuda has assisted the United States in its efforts to stem tax evasion for 20 years through the tax treaty that was signed in 1988.
Indeed the US Internal Revenue Service has commended Bermuda for its very co-operative assistance through the tax treaty. The Government of Bermuda has established and maintained positive relationships on Capitol Hill and the tax treaty should stand us in good stead should there be a need.
Time and again, Bermuda's regulatory environment has been praised by respected international organisations. The PLP Government has strengthened that environment and we've given good reason for business to be confident about their dealings with our island.
Even The Royal Gazette notes that jurisdictions such as the Cayman Islands, and their hundreds of banks, are under much greater threat from this legislation than Bermuda. We have and will continue to work with American and other foreign governments to crack down on tax cheats to both protect their tax revenues and to ensure confidence in our business environment.
