Bermuda sets tax for TNCs

11.08.2023 The Government of Bermuda has launched a public consultation on the introduction of a new income tax that will apply to branches of large multinational companies.

It is assumed that the proposed tax will take effect from 2025 and will apply to groups with annual revenue of 750 million euros in accordance with the rules of the OECD global minimum tax of the second level.

Bermuda accounts for about 14% of the total global reinsurance premium, but investment funds, asset managers, family offices, trusts and other private client structures are also located here. In addition, Bermuda is home to 15 of the world's 50 largest reinsurance companies, and the new minimum corporate tax level will have some effect, although not as significant as in some other financial centers.

This is the first consultation in the framework of this process, which will end on September 8.

Link to source: https://www.gov.bm/articles/bermuda-considers-introducing-corporate-income-tax