On 21 March 2025, the Government tabled for debate a bill entitled The Corporate Income Tax (Penalty Provisions) Amendment Act 2025 (the “Amendment Act”) which contains proposed amendments to the Corporate Income Tax Act 2023 (the “Act”). Once the bill is passed into law, the Act, as amended,...
Effective for fiscal years beginning on or after on 1 January 2025, a corporate income tax at the statutory rate of 15% is chargeable to any Bermuda tax resident entity and Bermuda permanent establishment that is part of a Multinational Enterprise Group that has consolidated annual revenue of EUR 750...
Following the OECD-led agreement by over 130 countries to impose a minimum tax rate of 15% on the corporate profits of large multinational enterprise groups (“In-scope MNE Groups”) to be applied in every jurisdiction in which they have a corporate footprint, commonly referred to as...
Over the years, Bermuda has grown to become a part of the world’s interdependent financial system and this has had its consequences as the island looks to continue to compete on the world stage. Regulatory requirements have increased, both in law and in practice, around...
Following rounds of consultation with the public and affected industry stakeholders, the Bermuda Government on 8 December 2023 tabled historic legislation with the laying of the Corporate Income Tax Act 2023 (the “Act”). The corporate income tax rate has been set at 15%. It will be effective...
Jason Hayward, the Minister of Economy and Labour, recently released Bermuda's economic development strategy for 2023 – 2027 (the “EDS”). The document consolidates initiatives underway to drive economic growth and investment in the country, aiming to create a more diversified economy through policies that build...
The economic substance regime has now been in place for four years. As such, there have now been three cycles of annual economic substance declaration (“Declaration”) filings made with the Registrar of Companies by entities in scope of the economic substance requirements. The information collected...
The Registrar of Companies has issued notice that with effect from 30 January 2023, the Economic Substance Guidance Notes (the “Guidance Notes”) have been revised to implement guidance issued by the OECD Forum on Harmful Tax Practices in relation to entities making a claim to...