Bermuda has tabled in Parliament the Corporate Income Tax Agency Bill, 2024.
The bill, tabled on July 12, 2024, is aimed at creating a Corporate Income Tax Agency (CITA) to administers the country’s corporate income tax regime.
In December last year, Bermuda enacted the Corporate Income Tax Act 2023, imposing a 15 percent corporate income tax rate on the Bermuda business of multinational groups that are “in scope” of the Pillar Two Rules developed by the OECD.
The agency’s structure will allow for a Board of Directors to ensure effective governance and oversight, and a Chief Executive Officer and staff will be responsible for effective and appropriate tax administration and enforcement.