News - Government of Bermuda

Press Release The Cabinet Office 2 min read May 4, 2026

S&P Improves Bermuda’s Outlook to Positive, Affirms A+ Ratings

The Government of Bermuda welcomes the latest ratings action from S&P Global Ratings, which has improved Bermuda’s outlook to Positive from Stable and affirmed the Island’s A+ long-term sovereign credit rating and A-1 short-term rating. S&P said the positive outlook reflects its expectation that, over the next 12 to 24 months, “corporate income tax collections will remain strong” and that the Government will “pay down its debt and strengthen fiscal balances.” Premier and Minister of Finance,...

Press Release Finance 2 min read Nov 21, 2025

International Tax Matters

Tax Credit Act 2025 and Corporate Income Tax Amendment (No.2) Act laid in Parliament and changes in the jurisdiction’s international tax responsibilities. Today, the Government laid the Tax Credit Act 2025 and the Corporate Income Tax Amendment (No. 2) Act before Parliament. These Bills follow a period of public consultation and extensive engagement with industry stakeholders. Tax Credit Act 2025 Following the release of the independent Tax Reform Commission’s (TRC) Report in July 2025, the...

Press Release Finance 2 min read Feb 17, 2025

Corporate Income Tax Administrative Provisions – Third Consultation Paper

Today the Government of Bermuda issued a third consultation paper relating to the administration of the Corporate Income Tax Act 2023, as amended, (the “Principal Act. This consultation paper which is a follow on to the one previously issued on January 31 st , addresses the broader administrative provisions relating to the timing of tax payments, returns, and other matters. An illustrative draft bill is included for reference. The Corporate Income Tax Act 2023 (the “Principal Act”) was enacted..

Press Release Statistics 3 min read Dec 21, 2023

Minister Hayward - 2nd Quarter 2023 GDP and Economic Performance

Good Day to Members of the media and the listening public. I am happy to share that Bermuda's economy continues to expand and demonstrate positive economic performance. During the 2 nd quarter of 2023, the Bermudian economy grew by an estimated 2.3 per cent year-over-year after adjusting for inflation. Economic expansion was a direct result of increased household and Government expenditure and Business Investment. GDP in current prices increased by 3.9 per cent during the second quarter....

Press Release Statistics 1 min read Dec 21, 2023

July 2023 Consumer Price Index

The Ministr y of Economy and Labour released the July 2023 CPI from the Department of Statistics today. In summary, consumers paid 2.8 per cent more in July 2023 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI] . This level of inflation increased from the June 2023 annual inflation rate of 2.7 per cent. Some highlights for July 2022 to July 2023 include: The Food sector was the largest contributor to the twelve-month increase in the CPI (+5.9 per...

Press Release Statistics 1 min read Dec 21, 2023

Retail Sales Publication – July 2023

Today, the Ministry of Economy and Labour released the July 2023 Retail Sales Index publication (attached). July’s retail sales volume increased 3.0 per cent compared to last year. In value terms, retail sales increased to an estimated $113.7 million, which represented a 7.5 per cent rise in sales value year-to-year. Five of the seven sectors recorded year-over-year volume index increases in July 2023: Motor Vehicle Stores’ sales volume grew 18.3 per cent. Service Stations’ sales volume...

Press Release Finance 1 min read Oct 13, 2023

Deadline for tax filing is Monday, October 16th

Taxpayers are reminded that the deadline for tax filing and payment is Monday, October 16th, 2023. Those taxpayers currently registered to e-file must file and pay using www.etax.gov.bm . Persons wishing to register for the first time to e-file, can visit www.etax.gov.bm and select register. All other taxpayers, consistent with normal requirements, must submit manual returns at the Government Cashiers on the first floor of the Government Administration Buidling. Payment can be made via cash,...

Ministerial Statement Finance 5 min read Sep 29, 2023

Update on Tax Reform Commission

Mr. Speaker , I rise today to provide this Honourable House and the public with an update on the significant progress made thus far on the efforts to substantially reform Bermuda’s tax system. Mr. Speaker , Honourable Members will recall that in the Progressive Labour Party’s 2020 election platform, the Government committed to forming a new Tax Reform Commission to conduct a further review of Bermuda’s system of taxation and revenue collection. In December 2020, this honourable house passed the.

Press Release Finance 4 min read Aug 8, 2023

Bermuda Considers Introducing a Corporate Income Tax

Proposed New Tax Regime Would Reinforce Bermuda’s Continuing Commitment to Global Compliance and Transparency Proposed Tax Regime Developed to Support Bermuda’s Economic Goals Begins an Initial Public Consultation Period for New Corporate Income Regime Today, the Government of Bermuda announced that it will issue a public consultation paper as part of its considerations on introducing a corporate income tax to apply to Bermuda businesses that are part of Multinational Enterprise Groups (MNEs)...

Press Release Office of The Tax Commissioner 1 min read Jul 19, 2023

E-tax Filing for the Period April, May and June extended until July 20, 2023

The Office of the Tax Commissioner advises that E-tax filing for the period of April, May and June has been extended until July 20, 2023. Mandatory e-filers are reminded that they are required to file online. To set up filing online, please visit www.etax.gov.bm and select Register. As a reminder, new rates for April 2023 – March 2024 can be found on https: Calculating Payroll Tax for the period April 1, 2023 – March 31, 2024 | Government of Bermuda (www.gov.bm) The Office of the Tax...

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