Today, the Corporate Income Tax Agency (CITA) released a consultation paper seeking public feedback on proposed technical amendments to the Corporate Income Tax Act 2023 (the Act) and a minor revision to the Corporate Income Tax Agency Act 2024. An illustrative draft bill is included for reference.
The proposed amendments aim to clarify specific provisions, align the Act more closely with the GloBE Rules where appropriate, and incorporate updates reflecting Administrative Guidance issued since the Act's original enactment.
CITA acknowledges that some stakeholder feedback has already been considered and, where relevant, incorporated into the draft legislation. Through this public consultation, CITA invites further input on the revised illustrative draft and suggestions for any additional guidance needed to support implementation.
The consultation period will run from 29 May 2025 to 19 June 2025, and submissions received after the deadline will not be considered.
Please email responses to consultation@cita.bm with "Corporate Income Tax Act Technical Amendments" in the subject line.
The Government encourages all stakeholders to review the proposals and provide comments or suggestions to help strengthen the legislative framework.