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Bermuda To Renegotiate DTAs To Add BEPS Provisions
Bermuda's Minister of Finance, Bob Richards, has confirmed the island has begun bilateral negotiations to implement the base erosion and profit shifting minimum standards in relation to its double tax treaties.
The confirmation came in a letter to the OECD's Secretary-General.
The Government said only one of Bermuda's four double tax agreement partners signed the BEPS multilateral instrument (MLI) on June 7. Countries can either decide to use the MLI to amend their double tax agreements or they can engage bilaterally with treaty partners to amend the agreements.
Bermuda considers bilateral negotiations to be the quickest and most practical way to quickly revise its treaty network.