Bermuda Holds Second Consultation on Administrative Provisions for New Corporate Income Tax Including Enforcement

The Government of Bermuda has announced the issuance of the Second Public Consultation on Corporate Tax Administration for Bermuda's new 15% corporate income tax that generally applies from 1 January 2025 for taxpayers in Bermuda that fall within the scope of the Pillar 2 global minimum tax (GloBE) rules. The second consultation is focused on enforcement provisions, including civil and criminal penalties. The deadline for comments is 21 February 2025.

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Corporate Income Tax Administrati…