Italy has removed Bermuda from a tax blacklist, after Italy’s minister of economy and finance minister Pier Carlo Padoan removed a provision in the country’s tax laws on jurisdictions.
The 67-jurisdiction list included places where expenses incurred in transactions with residents in a jurisdiction would not be deductible.
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Currently, the sole determining factor is whether countries on the list have a tax information exchange agreement (TIEA) with Italy.
Bermuda struck a TIEA with Italy in 2012 and agreed a deal two years earlier.
Minister Richards commented, "While the Bilateral TIEA the previous government signed with Italy has not yet been ratified by the Italian Legislature and thus has not yet entered into force, the current Bermuda Government in late 2013 signed Bermuda to the Multilateral Convention on Mutual Administrative Assistance on Tax Matters ["the Convention"] which is a form of multilateral TIEA.
"That means it is a multilateral agreement for the exchange of information for tax purposes on the by-request basis."
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By GlobalDataItaly has already taken off 21 countries from the blacklist, which apart from Bermuda, includes Channel Island states such as Jersey and Guernsey, Gibraltar, and Caribbean countries, including the Cayman Islands.
Switzerland, Liechtenstein and Monaco are among the countries still featuring on the list.
