Poland removes Bermuda from its blacklist and informs the European Commission
Posted June 23 2015
Hamilton, Bermuda: Bermuda’s Minister of Finance the Honourable E.T. Bob Richards JP, MP announced today that the Embassy of the Republic of Poland in London confirmed this morning that Bermuda has been removed from the Polish domestic list of countries of non-cooperative tax jurisdictions (in the field of Corporate Tax) and stated that the Polish Ministry of Finance has contacted the European Commission to confirm that Bermuda was no longer on Poland’s blacklist. Poland is one of the 11 EU Member States that the European Commission used as its criterion to place Bermuda on the European Commission’s Blacklist.
The TIEA signed between Poland and Bermuda came into force on 15 March 2015. Bermuda has also signed the Multilateral Convention on Mutual Administrative Assistance on Tax Matters, a multilateral TIEA that includes Poland. As an Early Adopter country Bermuda also signed another agreement, the Multilateral Competent Authority Agreement in Berlin in October 2014 for OECD automatic exchange of information on the common reporting standard (CRS) in which Poland is a participant. This means that Bermuda currently has three international agreements with Poland for the exchange of information for tax purposes.
Minister Richards is today in London for meetings ahead of arriving in Paris and Brussels later this week for meetings in Paris with the OECD Secretary General and Mr. Pascal Saint-Amans – Director, Centre for Tax Policy and meetings in Brussels with some members of the European Parliament.