IBX-Jakarta. Bermuda has gazetted the Corporate Income Tax Act, 2023, which imposes a corporate income tax on certain Bermuda businesses forming part of large MNE groups.
Starting January 1, 2025, corporate income tax shall be chargeable to a Bermuda Constituent Entity Group on its net taxable income for each fiscal year. The amount of corporate income tax chargeable to the Bermuda Constituent Entity Group for a fiscal year shall be 15 percent of the net taxable income of the Bermuda Constituent Entity Group.
The corporate income tax shall apply to Bermuda businesses that are part of MNE Groups with annual revenue of over EUR 750 million.
The Government has introduced certain tax credits to support Bermuda’s economic goals and maintain the global attractiveness of the jurisdiction.
The Finance Ministry has issued frequently asked questions (FAQs) on the Corporate Income Tax Act, 2023, to assist entities in determining if and when they are within the scope of the Act, and to provide guidance as to how certain provisions of the Act are to be interpreted.
Source: https://transferpricingnews.com/bermuda-gazettes-corporate-income-tax-act/
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