The Bermuda government has announced that it has been chosen as the host nation for next year's meeting of the Organization for Economic Cooperation and Development's (OECD) Global Forum on Transparency and Tax Information Exchange.
The announcement is further recognition of Bermuda as a leader amongst offshore territories in the field of tax information exchange, having concluded 18 Tax Information Exchange Agreements since being temporarily placed on the OECD "grey list." Bermuda was chosen as the host nation following a vote by members of the Steering and Peer Review Groups.
Despite initially being placed on the grey list of territories that have not yet substantially implemented the internationally agreed standard on tax information exchange, Bermuda received recognition by the OECD through its placement on the white list on June 8, and was then elected to the position of Vice Chair of the Steering Group of the new Global Forum at its 5th Meeting in Mexico City on September 1-2, 2009.
A statement from the Bermudan government noted that it marks another significant milestone for the territory, one of a number of significant international achievements for the island. Commenting on the decision, Bermuda’s Finance Minister, Paula Cox, observed: “Bermuda is honored to host the 2011 event particularly for a small offshore jurisdiction such as ours. The Ministry of Finance officials who first indicated Bermuda’s desire to host the Forum and then represented Bermuda so remarkably during the voting process are to be commended."
Cox added: “This meeting will probably be the first opportunity for the Global Forum to fully discuss the effectiveness of the OECD’s Peer Review process and the outcomes of those reviews in terms of our agenda of promoting the adoption of international standards of transparency and exchange of information."
"The 2011 meeting will be the first Global Forum meeting from which Phase 1 Peer Review will be substantially completed and many Phase 2 reviews will also have been undertaken. Further, this meeting is expected to start the process of exploring the role of the Global Forum in providing assistance to those who are not fully compliant as well as other issues around the interests of developing countries meeting standards in tax transparency and information exchange.”
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