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Bermuda to Levy Corporate Tax on MNEs from 2025

IBX-Jakarta. Bermuda is consulting stakeholders on a new corporate tax regime from 2025 in view of the OECD’s proposed global minimum tax rules.

The corporate tax regime would apply to businesses that are part of multinational enterprise groups (MNEs) with annual revenue of EUR 750 million or more.

“Bermuda is considering a corporate income tax that would be taken into account in calculating the effective tax rate of Bermuda businesses under the OECD’s global minimum tax rules,” the government said.

The government added: “These rules require companies in scope to pay a minimum tax of 15% in every jurisdiction in which they operate.  The taxes paid under the proposed Bermuda corporate income tax regime would be those which would be payable to other jurisdictions under the global minimum tax framework.”

The government said it will conduct further analysis to determine the appropriate corporate income tax rate, while noting that a rate between nine to 15 percent may be appropriate to address the policy considerations.

Finance Minister David Burt said that the government’s approach is to use tax reform to bolster policy initiatives that will enhance Bermuda’s economic growth prospects.

Key aspects of the corporate tax regime are highlighted in a public consultation paper released today by the government.

Source:https://transferpricingnews.com/bermuda-to-levy-corporate-tax-on-mnes-from-2025/

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