Bermuda holds back over latest tax initiative

(CNS): The Bermudian government appears more reluctant than Cayman’s leaders to commit to the latest international OECD tax initiative ahead of the G8 summit, as Prime Minister David Cameron had hoped. The territory's premier has said he is willing to commit to more transparency but is not ready to sign the Convention on Mutual Administrative Assistance in Tax matters. The PM has invited the leaders of Britain's territories and crown dependencies to London in advance of the annual gathering of the G8 group, which will be hosted next week by the UK in Northern Ireland. While all three crown dependencies and the Cayman Islands have already given their commitment to the latest convention, if Bermuda and other territories refuse to sign, the UK government’s goal to get what it has described as its "own house in order" before the summit will be missed. Read more on CNS Business