PRIME Minister David Cameron’s hope for a tax transparency deal may be over, as Bermuda confirms that it will not sign up.
Despite Cameron’s letter to all of Britain’s overseas territories last month, asking for their co-operation with international protocols, the self-governing islands will not agree to the plan.
The G8 meets next week, where it was previously hoped that a deal on taxation would be thrashed out.
The Bermudan Premier, Craig Cannonier, claimed that ideas on the table were not acceptable. He said: “there’s some clauses in there that may need to be adjusted”.
Bermuda currently has very low taxes, and no corporation tax at all. The territory is regularly criticised of assisting large companies to avoid taxation.
Cannonier said that the proposed convention could damage his country, and raised the prospect that other countries would also reject the agreement.