Bermuda Proposes a 15% Corporate Tax With Qualified Credits

Bermuda is proposing to enact a 15% corporate income tax that would align with the global minimum tax rules and take effect in 2025.

If passed, the corporate income tax would be the first of its kind in the nation, which has traditionally collected revenue through payroll taxes.

The proposal from the low-tax island nation on Thursday comes after the country opened its first general consultation period in the summer when the government solicited comments from stakeholders on the issue.

“We are highly appreciative of the feedback received from the first consultation period, and directly from industry leaders, and I ...