The Corporate Income Tax Agency Act 2024 was introduced in the House of Assembly on July 12. The Act provides for the establishment of a Corporation Income Tax Agency as the authority to administer the corporate income tax regime in Bermuda.
The agency must administer a new income tax (15%). The tax will apply from 1 January 2025 for Bermudian taxpayers subject to the Global Minimum Tax rules.
The agency shall consist of a Board of Directors, as well as a Chief Executive Officer and staff responsible for efficient and proper tax administration and enforcement.