Bermuda Proposes Draft Law to Start a New Tax Administration

Bermuda’s finance ministry has proposed draft law to set up a tax agency to oversee its new corporate tax regime.

Bermuda’s finance ministry in a press release Monday said that the tax agency is being set up to administer and enforce its first-ever 15% corporate income tax rate on multinational companies that it introduced last year.

• Bermuda’s new corporate tax regime aligns with the global minimum tax rules, agreed to at the OECD by around 140 countries in 2021. The rules ensure that a 15% effective minimum tax is collected from companies with more than 750 million ($817.6 million) in ...