Works are progressing to fine-tune the island’s corporate income tax regime through the enactment of requisite legislation.

Mervyn Skeet, chief executive of the Bermuda Corporate Income Tax Agency, said: “We’ve spent a lot of time working with the Government on legislative improvements.

“So there are a number of things which will come up during the year and we’ll just keep working.”

Mr Skeet’s remarks came during a panel discussion yesterday as he addressed delegates attending the fourth annual Bermuda Risk Summit 2025 hosted by the Bermuda Business Development Agency at the Hamilton Princess & Beach Club.

The panel, which was moderated by Collin Anderson, director policy and regulation at the Association of Bermuda Insurers and Reinsurers, included Jeff Thompson, executive vice-president, global head of tax, at the Arch Group, and Robert Moncrieff, an international tax consultant.

Mr Skeet said the workload in the establishment of the agency started with the enactment of the Corporate Income Tax Act 2023 in December 2023, which he said was achieved in only a five-month period of time.

The legislation, which took effect this year, charges 15 per cent on the profits of multinational enterprises with more than €750 million (about $808 million) of revenue annually.

The Government said 140 member countries of the Organisation for Economic Co-operation and Development have signed up to the change, which it said will level the tax playing field globally.

Mr Skeet said a series of consultations were held on the administration of the CIT, with the most recent concluding this week.

The move addresses the broader administrative provisions relating to the timing of tax payments, returns and other matters.

He said that during the second quarter, administrative corrections of the regulations accompanying the Act are likely in order to “tidy a few things up”.

He added: “That’s the main focus of the agency, to make sure that the Act is very clear.

“Also, there is expected to be further legislation later in the year around tax credits — that certainly will be led by the Ministry of Finance and the agency will play a part.”

With the change this year in the United States Government, Mr Skeet said it remained unclear how the Donald Trump administration’s work stood to affect the OECD.

He added: “We will have to keep our eyes and ears open.”

Mr Anderson said the implementation of the tax positioned Bermuda globally to attract more business and “grow the number of jobs on the island”.

Mr Moncrieff highlighted the strength of the legislation, which he noted endured three stakeholder consultations.

He told the gathering that the enactment of the tax was done by the Government through an OECD-aligned process.

Mr Skeet said since the CIT is a domestic tax, it puts the island in a “strong position” to manage the financial sector.

“But we can’t be complacent about it; we have to keep an eye on what’s happening globally, both in the US and the OECD, and on Europe as well,” he added.