Bermuda and the United Kingdom have signed a bilateral agreement for the exchange of information for tax purposes. *(See link below)*
The Financial Secretary to the Treasury at HM Revenue & Customs, the Rt. Hon Jane Kennedy MP, welcomed the arrangement, saying:* “These new arrangements represent a significant step in our efforts to counter and prevent tax evasion and avoidance. I commend the Government of Bermuda for its willingness to implement the high standards of transparency and exchange of information to which it is committed and for its continuing leadership in this important global tax policy area.”*
A release from the OECD notes that the arrangements confirm Bermuda’s commitment to high international standards and its stature as a responsible international financial centre. Bermuda was an early participant in the OECD’s initiative to improve transparency and exchange of information in tax matters.
A total of 35 jurisdictions have committed to work with OECD countries under the auspices of the OECD’s **Global Forum on Taxation** to improve transparency and to establish effective information exchange for tax purposes. Many other countries and international organisations have also endorsed these principles.
A recent report, *“Tax co-operation: Towards a Level Playing Field – 2007 Assessment by the Global Forum on Taxation”*, shows that over the last year many jurisdictions have made progress in implementing the high standards of transparency and exchange of information for tax purposes. Current efforts are aimed at encouraging all countries to work towards the achievement of a global level playing by implementing these standards.