Bermuda Law Blog

Jeremy Leese

Recently, Bermuda was placed on the European Union’s list of non-cooperative jurisdictions for tax purposes. It is the Bermuda Government’s view that the jurisdiction is compliant with EU’s economic substance requirements by way of the Economic Substance Act 2018 and the Economic Substance Regulations 2018 passed into law last December, with all necessary amendments to address EU concerns having been completed before the decision was taken.

MJM Limited is pleased to announce that its Dispute Resolution Team is once more Ranked BAND 1, alongside only one other competitor in Bermuda, in results released today by Chambers & Partners in the Chambers Global 2019 rankings.

Chambers reported that MJM Limited is a top-tier well-established Bermudian independent firm, well regarded for its breadth and quality of expertise.

Jeremy Leese

The Economic Substance Act 2018 (the “Economic Substance Act”) was tabled on 7 December 2018 and, following revisions, again on 17 December 2018.

Background

In November 2017, the Government of Bermuda made a commitment to the Code of Conduct Group (Business Taxation) (the “COCG”) of the Council of the EU to address concerns relating to economic substance. Bermuda agreed to pass legislation to implement any appropriate changes by 31 December 2018 to avoid being put on an EU list of non-cooperative tax jurisdictions.