Bermuda has announced that it will introduce Country by Country Reporting following the OECD BEPS recommendations.
The Bermudan Minister of Finance has announced that it will require Multinational Enterprises headquartered in Bermuda to file their Country by Country (CbC) reports for the 2016 fiscal year by 31 December 2017. In addition, Bermuda has signed up to the Multilateral Competent Authority Agreement for the automatic exchange of CbC reports.
Many Bermudan parented groups may already have been within the CbC reporting requirements of other countries (including the UK) under the secondary filing mechanism applying to subsidiaries. However, this announcement will clarify the position for many groups, particularly where the scope of the secondary requirement was not clear.