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

04.21.2016
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.

Attorneys

Related Practices/Industries

Jump to Page

We use cookies to make your experience of our website better. By continuing to browse this site you content to the use of cookies. Please visit our Privacy Policy for more information.