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...
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...
On 28 July 2023, judgment was handed down judgment in an application by the joint provisional liquidators (“JPLs”) of Northstar Financial Services (Bermuda) Ltd. and Omnia Ltd. (together the“Companies”) to resolve questions regarding the operation of segregated accounts. The use of segregated accounts in Bermuda is...
There is a growing global context within which the board of directors of large corporates are starting to be challenged, both in boardrooms and in the courts, concerning company policy and execution surrounding climate change related objectives. More particularly, the most recent high-profile example is that...
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...
Introduction The 2023/2024 Budget statement was delivered by the Bermuda Premier and Minister of Finance, The Hon. E. David Burt, JP, MP, in the House of Assembly on Friday 17 February 2023. According to the Premier, also speaking at the Chamber of Commerce’s annual Budget Breakfast event...