FRIDAY, OCTOBER 28: Bermuda attended the 4th Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes at the OECD headquarters in Paris on October 25-26.

In attendance were 250 delegates from 89 jurisdictions and nine international organisations.

According to a Government press release, leading the Bermuda delegation was assistant financial secretary Mr Wayne Brown supported by the team of the Government of Bermuda London office, Ms Kimberley Durrant, director and UK representative, Mr Ravi Pachai, economic advisor (UK) and M. Devaune Ratteray, administrative and protocol officer.

The Global Forum with a membership of 108 jurisdictions is responsible for promoting the effective implementation of the internationally agreed standard on transparency and exchange of information for tax purposes and is now the largest tax group in the world.

The Global Forum has established an in-depth peer review process to monitor the implementation of the now global tax transparency standard. The Global Forum operates under the guidance of a Steering Group chaired by Australia in which Bermuda represents as vice-chair along with vice chairs China and Germany.

The Bermuda delegation took the opportunity to network and liaise with many of the delegations represented.

The Premier and Minister of Finance, Paula Cox said: “Bermuda fared well at the meeting and will continue to take our role as a vice chair seriously and engage in Bermuda’s interest and that of small jurisdictions.”

The Global Forum agreed to extend its three-year mandate which began in September 2009 at the Los Cabos/Mexico City meeting, for a further three years to end in December 2015.

As well the membership of the steering group was increased by an additional three members: United Arab Emirates, Spain and Kenya, making a total of 18 members.

It was agreed that mandatory members of the Steering Group will be excluded from the first round of the rotation of the Steering Group in 2013.

Mandatory members of the Steering Group are the chair and vice-chairs of the Steering Group and the chair and vice-chairs of the Peer Review Group.