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Senate Passes Three Tax Evasion Bills

Tax-news.com

11 August 1999


Three important planks of Bermuda's anti-evasion strategy were nailed down when the Senate passed them today.

The Taxes Management Amendment Act 1999 defines which international tax-related crimes should be indictable and which dealt with summarily.

The Proceeds of Crime Amendment Act 1999 criminalises tax evasion, and permits the authorities to investigate the local activities and accounts of people charged with, or convicted of, evasion anywhere.

The USA-Bermuda Tax Convention Amendment Act 1999 strengthens the powers of the Government to give information to the US Government in answer to enquiries about US undertakings.

While these three bills can be seen as an inevitable response to international pressure on IOFCs, the real test will come in how such new powers are used by the Government; it's the eating of this pudding, not the cooking ot it, that will determine how far investors shy away from those jurisdictions that are too complaisant.

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