The Bermudian Royal Gazette reported this week that the jurisdiction's government was angered by a recent report in the New York Times which condemned the international business centre as a "pure tax haven", and suggested that profits posted by corporations located on the Island bear "no relationship to economic activity".
The newspaper revealed that Finance Minister, Paula Cox responded to the report, which was published ahead of a study on the matter conducted by US Treasury Department economist, Martin Sullivan, by observing that:
"Bermuda companies do have a presence here. It is relatively easy to rebut that kind of allegation."
The Finance Minister reportedly added that no decision has been taken by the government of Bermuda as to whether to officially respond to the article.
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