Technical guidance issued on corporate income tax
A detailed series of frequently asked questions on the Corporate Income Tax Act 2023 has been issued by the Ministry of Finance.
The document is aimed at guiding corporations and other entities on where they stand within the scope of the corporate income tax, which is expected to come into force in 2025.
The FAQs also shed light on how certain provisions of the Act will affect Bermuda businesses that are part of multinational enterprise groups, known as MNEs, with annual revenues of €750M (about $808 million) or more.
More than 140 Organisation for Economic Cooperation and Development 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 per cent global minimum tax for in-scope MNEs wherever they operate, regardless of where they are domiciled.
The FAQs can be found on the government website.
• To read the list of FAQs, click on the PDF under “Related Media”.
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