Bermuda

Since Bermuda did not previously impose income taxes on corporations, deductions from income have not been historically relevant in the context of Bermuda taxation.

However, the Bermuda CITA 2023 introduces specific guidelines for deductions in determining taxable income and tax loss carryforwards from years prior to the effective date of the Bermuda CIT, which is applicable to Bermuda businesses within scope of the Bermuda CIT and effective in 2025.