A large number of bilateral agreements have been based on this agreement (see below). Bermuda has an extensive network of tax agreements on its bilateral TIEAs and participation in the OECD Convention on Mutual Assistance in Tax Matters, which covers more than 100 countries. Bermuda has a tax treaty with the United States, signed in 1986 and entered into force in 1988. The agreement limits its application to insurance companies and will, among other things, exempt from US taxation the profits of qualified insurance companies in Bermuda, unless the company has created an MOU in the United States. It should be noted that the agreement does not provide for a facility for the US Federal Consumption Tax (FET) on insurance or reinsurance premiums. In short, the requirements for maintaining this tax benefit cover more than 50% of direct or indirect property of Bermuda or U.S. citizens, and that the income is not primarily used for distributions to non-Bermuda or non-U.S. For further advice in this complex area, please contact your tax advisor. The agreement with Bermuda marks the recent entry into Qatar`s network of 50 DTAs and will allow the kingdom to market itself as a link home for investments in and from other countries in the network. Bermuda has entered into an intergovernmental agreement with the United States (UNITED STATES) to facilitate the implementation of U.S. FATCA reporting obligations.