A new consultation relating to the legislation for the Corporate Income Tax is under way for the next three weeks, a government spokeswoman said late today.

David Burt, Premier and Minister of Finance was quoted: “We are grateful for the insightful and thoughtful responses received during the first public consultation.

“Careful consideration has been given to many of the observations and, where appropriate, (they) have been incorporated into the draft legislation. Other suggestions are still under review for potential inclusion. Your engagement is invaluable to us.

“The Government of Bermuda, through the Ministry of Finance, remains committed to working closely with all stakeholders. Our goal is to ensure that Bermuda continues to be an effective and co-operative partner in addressing global tax matters. Together, we can uphold our reputation and meet international standards.”

The government press release stated: “Today the Government of Bermuda issued a second paper which focuses on certain of the enforcement provisions relating to the administration of the Corporate Income Tax Act 2023, as amended, which are required under Bermuda law to be enacted by Parliament in statutory form rather than by regulation.

“A further consultation will follow next month to address the broader administrative provisions relating to the timing of tax payments, returns and other matters.

“The Corporate Income Tax Act 2023 was enacted in December 2023 and provides that Bermuda Constituent Entity Groups, comprised of one or more Bermuda Constituent Entities of an In-Scope (multinational enterprise) Group, are subject to Bermuda Corporate Income Tax for fiscal years that began on or after January 1, 2025.

“In addition to the various technical provisions relevant to the determination of the CIT liability of a BCE Group, the principal Act introduced the concept of a Bermuda CIT return to be filed by a filing BCE on behalf of a BCE Group.

The CIT became effective in January 2025, providing MNEs the necessary time to adjust their systems prior to transitioning into the new Corporate Income Tax regime in Bermuda.“

• Consultation paper responses and comments should be submitted by e-mail to: FINANCE@gov.bm. Submissions should be made by February 21, 2025. Those received after this date may not be considered. Respondents should include “Corporate Income Tax Administration” in the subject box.