OECD welcomes tax information exchange arrangement between Bermuda and the United Kingdom

04/12/2007 - Bermuda and the United Kingdom have signed a bilateral arrangement for the exchange of information for tax purposes, marking another step forward in international efforts to implement the principles of transparency and exchange of information for tax purposes developed by the OECD's Global Forum on Taxation.

This is the first such arrangement entered into by the United Kingdom and the third concluded by Bermuda. This arrangement confirms Bermuda's commitment to high international standards and its stature as a responsible international financial centre. Bermuda was an early participant in the OECD's initiative to improve transparency and exchange of information in tax matters. OECD warmly welcomes this move by Bermuda.

In a press release from HM Revenue & Customs, the Financial Secretary to the Treasury, the Rt. Hon Jane Kennedy MP welcomed the arrangement, saying: "these new arrangements represent a significant step in our efforts to counter and prevent tax evasion and avoidance. I commend the Government of Bermuda for its willingness to implement the high standards of transparency and exchange of information to which it is committed and for its continuing leadership in this important global tax policy area."

OECD's work in this area is designed to enable countries to fully and fairly enforce their tax laws (see progress reports issued in 2000, 2001, 2004 and 2006). A total of 35 jurisdictions have committed to work with OECD countries under the auspices of the OECD's Global Forum on Taxation to improve transparency and to establish effective information exchange for tax purposes. Many other countries and international organisations have also endorsed these principles. A recent report, "Tax co-operation: Towards a Level Playing Field - 2007 Assessment by the Global Forum on Taxation", shows that over the last year many jurisdictions have made progress in implementing the high standards of transparency and exchange of information for tax purposes. Current efforts are aimed at encouraging all countries to work towards the achievement of a global level playing by implementing these standards.

For further information, journalists are invited to contact: in Bermuda, Wayne Brown (tel: + 1 441 295 5151  ); in the United Kingdom, Jan Marszeski, (tel: + 44 207 71 47 07 98) or in France, the OECD's Media Division (tel: + 33 1 452 4 97 00).