Bermuda and France will exchange country-by-country reports on multinational businesses, Bermuda’s Premier and Minister of Finance David Burt announced today.
Speaking before Bermuda’s House of Assembly, Burt said that Bermuda has met all necessary technical requirements and has thus become the first UK overseas territory to be added France’s list of countries for country-by-country report exchange. The exchange is being conducted pursuant to 2015 OECD/G20 base erosion profit shifting (BEPS) plan agreements.
Bermuda was the 33rd signatory of the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country reports (CbC MCAA), signing the document April 2016. France signed in January 2016.
Burt said that Bermuda’s new tax information reporting portal is now fully operational with the OECD portal so Bermuda can transport CbC reports to France.
Moreover, Bermuda’s CbC legislation, CbC regulations, and CbC guidance notes are in force and effect, he reported.