Bermuda Plans Corporate Tax for 2025 to Comply With OECD Rules (1)

Bermuda is proposing to establish its first-ever corporate income tax in 2025 in line with the global minimum tax rules agreed upon by more than 130 countries in 2021.

The tax rate would be in the range of 9% to 15%, the government said in a consultation published Tuesday. It’s seeking feedback on the implementation date of the corporate tax regime, the scope of the regime, and simplification options.

Bermuda’s Premier David Burt told Bloomberg Tax “the global minimum tax rules are incredibly complex. We think we’ve done a pretty good job in simplifying the issues for Bermuda companies. From ...