Question marks over the imminent corporate income tax loomed large for the Tax Reform Commission at the group’s town hall meeting on Tuesday night.

The meeting, which drew about 50 people, heard questions over the commission’s ability to make informed changes, with one attendee worrying that the group was “flying blind”.

Darren Johnston, the commission head, admitted to “a great deal of uncertainty and variability with the corporate income tax revenue number”.

Mr Johnston added: “This is such an incredibly important thing for Bermuda that we did the work to do it, regardless of if it’s accepted. We are doing this because we care.”

Mr Johnston told the gathering at St Paul AME Church on Court Street in Hamilton that a challenge in basing a tax strategy off corporate revenue was its inherent unpredictability.

He explained: “There is not one person in Bermuda who knows what that number is.”

Mr Johnston said the commission did not have the data on every entity involved, and could only make estimates.

Factors such as a business’s profitability would come into play, making the CIT uncertain.

The independent commission was created last year to review the domestic tax framework ahead of the CIT coming into effect next year ― driven by the goal of reducing the costs of living and business.

Mr Johnston said that tax reform would involve balancing tax credits and incentives with adjustments to existing taxes.

He added that the past year had been a “listening tour” for the TRC as it spoke to unions, political parties, business groups and others on what they hoped to see.

Mr Johnston said that tax incentives for businesses, such as offering training for Bermudians or housing, would mitigate the level of CIT paid.

He added that he hoped to see more public queries and town halls to gauge public opinion.

The group plans to file its recommendations by June 2025.

Mr Johnston admitted that this could be affected by recommendations to come from the Organisation for Economic Co-operation and Development.

He conceded that its findings could be ignored or dismantled.

However, he added: “Politicians make choices with the interest of their voting base in mind. If they deem this necessary, then it will probably be considered.”