The Tax Reform Commission was formed under the Tax Reform Act 2017 with the objective of advising the Government of any measures to improve Bermuda’s system of taxation and revenue collection, in accordance with the functions set out in section 5 of the Act and the Terms of Reference prescribed by the Premier and Minister of Finance, the Honourable E. David Burt, JP, MP.
The Tax Reform Commission was given the following mandate by the Minister of Finance:
Examine Bermuda’s tax system and determine any measures that may be taken to best enable a system of taxation and revenue collection that is equitable, effective, efficient, competitive and transparent;
Increase public sector revenue yield from 17% of GDP to a minimum of 20%-22% of GDP; and
Prepare and submit
and recommendations in accordance with section 7 of the Tax Reform Act.