A top official here has blasted a report by an international campaign group that places Bermuda number two on a list of “the most corrosive corporate tax havens in the world”.
The Tax Justice Network (TJN) says the United Kingdom has waged a corporate tax war “against the ordinary citizens of rich and poor countries through a network of satellite jurisdictions to which the UK has outsourced some of its corporate tax havenry”.
t places the Overseas Territories of the British Virgin Islands, Bermuda and the Cayman Islands, at numbers one, two and three on its corporate tax haven index, while Jersey, a Crown Dependency, is seventh.
The Bahamas, a member of the Commonwealth, is ninth, while the UK comes 13th.
Andy Burrows, chief executive officer of the Bermuda Business Development Agency (BDA), responded to the report saying the island has a long record of complying with compliance and global standards, and that it “is not a place to hide capital”.