Corporate tax in Bermuda
18.01.2024
Bermuda will introduce a corporate tax from January 2025.
Bermuda's House of Assembly and Senate have passed legislation to impose a 15 percent corporate income tax, which will take effect for tax periods beginning January 1, 2025.
The tax will be applied to Bermudian companies that are part of multinational corporations with annual income of 750 million euros or more.
Thus, Bermuda brings its legislation in line with international norms on the minimum global tax.
The adoption of the law has significant implications for multinational corporations with a presence in Bermuda, especially for insurance and reinsurance groups. Multinational groups with a presence in Bermuda should take into account the impact of the law on the amount of taxes they will need to pay.
Link to source: https://www.gov.bm/sites/default/files/2023-12/Corporate%20Income%20Tax%20Act%202023%20-%20Dec%2015%...
Bermuda's House of Assembly and Senate have passed legislation to impose a 15 percent corporate income tax, which will take effect for tax periods beginning January 1, 2025.
The tax will be applied to Bermudian companies that are part of multinational corporations with annual income of 750 million euros or more.
Thus, Bermuda brings its legislation in line with international norms on the minimum global tax.
The adoption of the law has significant implications for multinational corporations with a presence in Bermuda, especially for insurance and reinsurance groups. Multinational groups with a presence in Bermuda should take into account the impact of the law on the amount of taxes they will need to pay.
Link to source: https://www.gov.bm/sites/default/files/2023-12/Corporate%20Income%20Tax%20Act%202023%20-%20Dec%2015%...
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