Skip to Main Content

Worldwide Tax Daily Quotes Clark Armitage: Bermuda Agrees to Automatic Exchange of Country-by-Country Reports

April 21, 2016, Worldwide Tax Daily

J. Clark Armitage spoke with Worldwide Tax Daily on how Bermuda has recently agreed to exchange country-by-country (CbC) reports automatically. For the complete article, please visit Worldwide Tax Daily website (subscription required).

Excerpt taken from the article "Bermuda Agrees to Automatic Exchange of Country-by-Country Reports" by Stephanie Johnston for Worldwide Tax Daily.

Bermuda's announcement may not be that significant from a corporate perspective because there aren't a lot of Bermuda-headquartered companies that would pass the €750 million threshold, according to J. Clark Armitage of Caplin & Drysdale Chtd. Therefore, the world shouldn't expect to see a lot of extra information resulting from Bermuda's adopting automatic exchange of CbC reports, he said.

However, now that Bermuda has signed the MCAA, the pressure is on other low-tax jurisdictions to do the same, Armitage said. "In that sense, it's important that the OECD is trying to make this a global responsibility," he added.

Armitage also pointed out that Bermuda is a tax efficiency jurisdiction, not a secrecy one. "Signing on to the CbC requirement is consistent with what Bermuda has tried to do" in creating a transparent environment, he said.


About Caplin & Drysdale
Celebrating our 55th Anniversary in 2019, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
New York, NY Office:
295 Madison Avenue
12th Floor
New York, NY 10017


This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
©2021 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)