Tax haven Bermuda has signed an agreement with China to exchange tax information, Bloomberg reported. According to a statement by the Bermuda government issued over the weekend, the two countries finalized the agreement on Thursday. The treaty will allow Beijing to more closely monitor and assess the tax status of Chinese individuals and companies operating in Bermuda. Bermuda’s previously opaque company registration system and low tax regime previously attracted thousands of companies to set up shop there, including many Chinese companies. However, in recent years the island has been recognized for making significant progress in implementing international tax standards as monitored by the Organization of Economic Cooperation and Development (OECD).
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