Bermuda has received top marks in a global report card about transparency and exchange of information for tax purposes.

The island successfully completed the first phase of a peer review process by the Organisation for Economic Cooperation and Development Global Forum, attaining the status of “all elements met”.

Only one of the eight other jurisdictions reported on met all the criteria identified.

The reports describe each country’s rules for ensuring information is available, how it can be accessed and the mechanisms in place to exchange the information with foreign tax authorities.

At the OECD Global Forum in Singapore last month, Bermuda’s peer review report was adopted by the full Global Forum membership, comprised of more than 90 jurisdictions, following a six-month review process.

This covered all aspects of Bermuda’s legal and regulatory framework against 10 identified essential elements.

All these jurisdictions, as well as others identified by the Global Forum as relevant to its work, are participating in reviews of their systems for the international exchange of information in tax matters. Each review includes determinations reflecting the extent to which the essential elements are in place in each jurisdiction and recommendations for improvement where needed.

Paula Cox, Minister of Finance, said: “The Ministry of Finance is reviewing the recommendations put forth by the peer review group and, following consultation with industry stakeholders, responding appropriately.”