The Government has moved to quash rumours circulating on social media that it is to implement a national income tax.

A spokeswoman said that officials had been made aware of the “unfounded“ claims being disseminated on WhatsApp chats and other social media.

The spokeswoman also scotched claims that residents were being forced to complete a government survey that was linked to the supposed new tax, although she added that those households selected “are required to participate”.

The spokeswoman said: “The correct name of the survey referred to is the ‘Household Income and Expenditure Survey’.

“This very important survey has been in progress since June, and is needed to update the Consumer Price Index and is not related in any way to the new Corporate Income Tax.

“The new CIT, planned for implementation in 2025, only applies to large multinational corporations with revenues exceeding €750 million, not to individuals.

“This is part of Bermuda’s compliance with international tax standards.

“In fact, the Tax Reform Commission is actively reviewing ways to reduce existing taxes to lower costs for local businesses and residents.

“The Government understands that in this fast-paced information-driven environment where social media messages can quickly spiral, this particular one circulating today on this matter is completely false.

“The Government takes this opportunity to remind residents to please remain vigilant in scrutinising unofficial and unverified information on social media. This includes WhatsApp.”