Today, the Ministry of Finance of the Government of Bermuda published Frequently Asked Questions (FAQs) with respect to the Corporate Income Tax Act 2023 (“the Act”).
The purpose of the FAQs is to assist entities in determining if and when they are within the scope of the corporate income tax (“CIT”), and to provide additional information on certain provisions of the Act, which will affect Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenues of €750M or more.
Over 140 Organization for Economic Cooperation and Development (OECD) member countries have agreed to make material changes to their tax regimes in accordance with the OECD’s Pillar II rules to incorporate a 15% global minimum tax for in-scope MNEs wherever they operate, regardless of where they are domiciled.
These FAQs are attached and can be found on the Government of Bermuda website at: https://www.gov.bm/CIT.