Go Offshore-Tax Agreements for France. The removal of Jersey and Bermuda from the Tax Blacklist as uncooperative regarding the tax information exchange system announced France on the 20th December 2013.
The removal of Jersey and Bermuda from France’s tax blacklist has as an effect the fact that from now on these two countries will not have to be subject, any more, to a withholding tax as far as French payments are concerned that belong to enterprises which have their base in the Jersey jurisdiction or the Bermuda jurisdiction.
Both countries, Jersey and Bermuda, have made sure to take the appropriate measures in order to secure an even greater tax transparency than before.
Bermuda in order to fight tax avoidance proceeded with their signing up to the Organization for Economic Cooperation and Development’s Multilateral Convention on Mutual Assistance in Tax Matters. Bermuda also signed an agreement with the U.S concerning the implementation of the Foreign Account Tax Compliance Act.
Jersey on the other hand in its attempt to show its commitment to the Tax Information Exchange Agreements has decided to proceed with the amendment of its laws in order to make it harder for those who are issued with a TIEA request to apply for an appeal.
Both Jersey as well as Bermuda have made statements saying how satisfied they are for being able to rise up to France’s requests regarding their cooperation and commitment to the Tax Information Exchange Agreements (TIEAs) which had as a result their removal from the tax blacklist of France.
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