The European Commission is set to reverse its decision of including the British overseas territory on a list of global tax havens after the jurisdiction amended its legislation in order to comply with EU standards.
The European Union's tax commissioner, Pierre Moscovici, said the EU Code of Conduct (Business Taxation) Group (CCG) will receive a 'positive recommendation' regarding Bermuda's request for removal from the EU blacklist of non-cooperative jurisdictions.
"On this basis, Bermuda is confident that we will be removed from the list of non-cooperative jurisdictions for tax purposes at the earliest opportunity and we look forward to continued dialogue with the commission regarding Bermuda's enhancement to its investment funds regime," the country's premier David Burt said after a meeting with the commissioner in Brussels.
Its statement said that during the meeting, Moscovici acknowledged "the level of co-operation between the European Union and Bermuda" and "encouraged us to continue our engagement".
Courtesy of internationalinvestment.net