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To: Tom who wrote (34335)	9/2/1999 9:41:00 PM
From: REW	Read Replies (1) \| Respond to of 44908

Does it feel like a big deal in the making yet?

To: Tom who wrote (34335)	9/2/1999 9:56:00 PM
From: cicak	Read Replies (1) \| Respond to of 44908

Tom - thanks for the article !!! Very interesting... Regards, Phil ==================================================================== "As an added perk, Bermuda, which is part of the British Commonwealth, has no corporate, federal, or sales taxes, and now, thanks to the eBS Ltd. law, EOCnet.com and its clients will be exempt from any income or capital tax until 2016." "So why is the Bermudan government giving one company the reins to a multibillion-dollar business? "We came up with the idea," says Grenville Lines, EOCnet's director of global solutions and a sixth-generation Bermudan. With the help of Lines, whose family helped bring a booming reinsurance industry to the island, the North American partners were able to make connections in the country's legislature and push the bill through with overwhelming support." "Since the 1980s, the island has become, along with New York and London, one of the three top headquarters for the insurance industry." "And most clients will be recommended through PricewaterhouseCoopers and Sterling Commerce, as part of their partnership agreements. "Sounds like a dream come true, but the question remains whether international bodies will even recognize the Bermuda law as valid, and how governments will ultimately decide to tax the Internet. "Time will only tell the true tax advantage of an e-Suite on a country-by-country basis," says Ted Kempf, an analyst at the GartnerGroup. "And ultimately, how flexible the Bermudan government will be in any new regulations imposed by other countries."" "For now, the Bermudan sunshine is keeping everyone optimistic. "Not one accountant or lawyer has been able to shoot a hole through our business model," says EOCnet's Olsen. "The problem is getting companies to understand it.""