Bermuda Proposes Bill on Corporate Tax in Line With OECD Rules

Bermuda’s government Wednesday released draft legislation on a corporate income tax that would comply with the global minimum tax rules.

After two consultations on the country’s first-ever corporate income tax, Bermuda wants to adopt a 15% statutory corporate income tax rate to “minimize top-up taxes” levied on Bermuda multinational companies.

The government also is developing a “robust” package of qualified refundable tax credits, according a press release. These incentives are treated favorably under the global minimum tax rules.

“As we enter this third consultation period, it bears repeating that this will be the most fundamental tax reform in ...