Bermuda Tables Corporate Tax Legislation for Introduction of 15% Corporate Income Tax

The Government of Bermuda has published the statement from Premier and Minister of Finance, E. David Burt on the tabling of the Corporate Income Tax Act 2023 in parliament. The legislation provides for the introduction of a 15% corporate income tax for taxpayers in Bermuda that will fall within the scope of the Pillar 2 global minimum tax (GloBE) rules, which includes those that are members of an MNE group with annual revenue of EUR 750 million or more. As drafted, the new tax corporate inc…