Speeches by Lawrence Scott, JP, MP

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

254 words

That’s right. So, it is my opinion that since the EU wants to put us out of business, we should just roll back ever ything. We are not reporting CRS [ Common Reporting Standards] . We are not reporting FATCA [ Foreign A ccount Tax C ompliance Act] . We are not reporting Country -by-Country Reporting [ CbCR]. We are …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

3 words

It is. [Laughter]

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

286 words

So, the first thing in the . . . I ask your indulgence. There is quite a bit of information here. Thank you. “Bermuda has: • a significant economic profile in the world economy supporting 500,000 jobs worldwide even after the effects of the global financial crisis and recession.” • “retained its economic competitiveness based on a financial regulatory environment …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

557 words

“Bermuda’s Economic Contrib ution to the U.S. Economy: 2008- 2014. Produces more than U.S. 304,000 jobs through U.S. exports to Bermuda and Bermuda multinational investment in USA. 17,000 of these jobs originate from Bermuda reinsurers with subsidiaries in USA. ” In the UK: “Bermuda’s companies sustain more than 69,000 UK jobs through its investments into UK. Bermuda’s reinsurance companies alone …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

5 words

Yes, I can do that.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

244 words

Okay. So, in the [Executive] summary. “There is no evidence that the rise of OFCs has adversely affected the revenue- raising ability of other countries. ” I am going to say that again. “There is no ev idence that the rise of OFCs has adversely affected the revenue- raising ability of other countries. ” “For example, corporate tax revenue as …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

280 words

Yes, right. So . . . “Clamping down on offshore centres w ill not raise tax revenue and preserve existing levels of i nvestment. Rather, it will change the pattern of inves tment flows in a different direction, shaped less by i nvestment opportunities and more by political factors. ” (Which is what we are seeing happening.) “ In the …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

145 words

Okay? You just look at what is going on. The biggest money laundering cases are going on in the United . . . do you know the United States will not even sign up for FATCA or CRS? Did you know that? They will not. So, my point is this. I understand what these guys have to do and I …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

24 words

Thank you, Mr. Chairman. I just have two questions. I am on page 2, [paragraph] (e), and the definition of “relevant activity,” [subparagraph] (i).

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

26 words

Will the relevant activity of financing and leasing exclude leasing of real es tate? Which I do not think should be called as a relevant activity.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

56 words

So, just to clarify. I understand that a trust is a relationship and not an entity. In the instance where the trust has an underlying company which performs real estate and property management services for it and that entity is engaging in establis hing the lease and doing the leasing, is tha t a relevant activity?

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

11 words

I just have one more question and I am not sure—

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

2 words

Oh, sorry.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

66 words

Thank you. And I am not sure if the y have already a nswered it, but it is regarding a boat and whether if a boat is held by a company and that boat does a char-ter once a year and does a charter on a fee basis, is Bermuda House of Assembly that considered a relevant activity and does …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

20 words

Oh, I am sorry. That is page to the same one, [paragraph] (e) and the definition of “rel evant activity.”

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

1 words

Okay.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

135 words

Thank you. Just the question about a boat and— Hon. Curtis L. Dickinson: Boat? Yes. With respect to the Honourable Member’s question about boats. I think the question was if you own a boat, and you charter the boat, does it fall into the scope of shi pping? If it is a pleasure vehicle, no. Pleasure vessels are out of …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

6 words

I do not have an objection.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

417 words

Thank you, Mr. Deputy Speaker . Again . . . well, this is just an extension of the other legislation and lining up with the EU substance Act —so, I actu ally do not really have a lot to say about it other than that we support the legislation and one of the things that I raised when the Minister …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

898 words

I do not blame you! Well, anyway, I am just saying that, you know, while we support this, it is just going to be a never -ending, you know, ongoing thing. We support the legislation. We recognise that it is what is needed, and we need to do whatever we have to do to get it across the line. So, …