Poland removes Bermuda from its blacklist
Bermuda has been removed from the Polish domestic list of countries of non-cooperative tax jurisdictions, in the field of corporate tax, according to a statement from the European jurisdiction.
The decision means that the number of EU member states that blacklist Bermuda will fall by one to 10, and this change will be reflected on the European Commission’s overall ‘Blacklist’ of jurisdictions held to be failing tax standards.
Poland and Bermuda signed a Tax Information and Exchange Agreeement that came into force on 15 march. Bermuda has also signed the Multilateral Convention on Mutual Administrative Assistance on Tax Matters, a multilateral TIEA that includes Poland.
Bermuda also signed the Multilateral Competent Authority Agreement in Berlin in October 2014 for OECD automatic exchange of information on the common reporting standard (CRS) in which Poland is a participant. This means that Bermuda currently has three international agreements with Poland for the exchange of information for tax purposes.