EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Recent Searches
Bermuda Corporate Income Tax (CIT)
The Insurance and International Tax team can advise and assist on all aspects of the Bermuda Corporate Income Tax.
What’s involved and why now?
In December 2023, Bermuda introduced a 15% Corporate Income Tax which took effect on 1 January 2025 for Bermuda constituent entities of a multinational enterprise group falling in scope. The new tax rules are based on the OECD’s GloBE Model Rules but have important differences that companies need to evaluate for tax reporting and compliance obligations.
Our Bermuda CIT team can advise and assist on all aspects of the Corporate Income Tax, including the following:
- Determination of scope and identification of in-scope entities
- Registration with the Bermuda Corporate Income Tax Agency
- Assistance with financial accounting implications1
- Computation of installment payments
- Review and submission of annual income tax returns
- Planning and analysis of elections within the legislation
- Evaluation of tax attributes
- Evaluation of applicability and calculation of tax credits
These services can be performed on a phased basis as part of a multistage approach in handling the requirements or as a full-scope exercise. Further details of the filing requirements will become available as the Bermuda government continues to develop, consult on and release legislation, processes and guidance.
We have an Insurance and International Tax team, based across our jurisdictions, to serve our clients with local consulting and compliance needs as cross-border tax matters develop in the region. For further information, please contact a member of the team.
¹ Please consult with your EY contact regarding independence permissibility.