Bermuda Orders Tax Information Exchange Assistance to U.S. in Braswell Case

On July 16, 2003, the Bermuda Supreme Court ruled in favor of the U.S. government in a tax fraud case and issued an order granting assistance to the U.S. under the U.S.-Bermuda tax information exchange agreement in the case involving Almon Glenn Braswell, Gero Vita International Inc., and G.B. Data Systems Inc. Braswell owned Gero Vita and its affiliate company, G.B. Data Systems, and was using a third, fake company Deleon Global Trading to transfer his own assets to Bermuda. The ruling set aside Notices dated January 6, 2000. The case was held up on several occasions, in one occasion because the IRS had asked for the certiorari order based on information it obtained illegally. Still, the ruling constitutes a victory for states requesting information through tax information exchange agreements.