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Bermuda International Cooperation (Tax Information Exchange Agreements) Act 2005

BeesMont has prepared a newsletter containing important information for Bermuda Reporting Financial Institutions, including major changes, reminders and next steps. Read more Summary of the mandate: a) Legal systems should have mechanisms (such as legal or administrative measures) to ensure that cbC reports received by exchange of information or by local submission are used appropriately (paragraph 12 (a) of the mandate). 15. ←. See section 19 of the regulations. A person is liable to a civil penalty of up to 5,000 BMD if the person provides inaccurate information when submitting a cbC report and meets condition A or B: (A) the person is aware of the inaccuracy at the time of his catch-up, but does not inform the Minister or (B) the person discovers the inaccuracy after the information has been passed on to the Minister and does not take appropriate steps to inform the Minister. In the last week of February 2017, the Bermuda Parliament passed legislation amending the International Cooperation Act (TIEA Act) of 2005 with respect to country reporting obligations in Bermuda (CBC) under the Multilateral Conflict Management Agreement (MCAA) on the exchange of cbc reports. Bermuda signed the CBC MCAA in April 2016 and, as a signatory, committed to introducing cbC reporting obligations for fiscal years beginning January 1, 2016 or after that date. 18. Bermuda has national legislation allowing for the automatic exchange of CBC reports.

It is a party to the Multilateral Convention on Mutual Assistance in Tax Matters: amended by the 2010 Protocol (OECD/Council of Europe, 2011) (in force on 1 March 2014 and in force for 2016) (the „Convention“17 ← 18. that Deloitte/Vizor is responsible for setting up the Bermuda Reporting Portal, which is linked to the OECD`s Common Transmission System (CTS), and that the portal is on track to be operational well in advance of the 2017 notification date, so that SMEs can share their cbC information with the relevant Bermuda authority.