David Parker: CIT is an opportunity, not a challenge
The Bermuda Risk Summit has been hailed a success.
Now in its fourth year, the Summit has established itself as a must-attend event for risk specialists.
Presented by the Bermuda Business Development Agency (BDA), this week’s event brought together industry leaders and experts, underscoring the island’s leadership in risk management.
Alisa Bernardo was on-site for the final day of the conference, where she caught up with David Parker, the BDA’s new Head of Business Development.
During their conversation, Mr Parker conceded that Bermuda is a leading destination worldwide for managing risk, with the island’s industry at the forefront of this sector.
While Bermuda is eager to promote itself as the world’s risk capital, Mr Parker attributed the island’s success to factors such as its location, deep-rooted talent pools spanning generations, and a sound regulatory environment.
Regarding the new Corporate Income Tax (CIT), he acknowledged that what might have been considered a challenge for the island by some has evolved into an opportunity, with Bermuda potentially boasting one of the most digitally advanced tax collection systems globally.
While there has been speculation that the new CIT could discourage some companies, Mr Parker maintained that all discussions he has had with industry professionals about the tax have been positive.
He argued that Bermuda’s overall standing would not be negatively impacted to any significant extent, and any company relocations would likely be a “trickle, rather than a flood.”
On the topic of the local economy, Mr Parker spoke about how the success of the international business sector complements Bermuda’s landscape of home-grown businesses, creating opportunities for entrepreneurs.
WATCH the full extended interview above.
