Bermuda

With the assent of the Governor on 27 December 2023, the Bermuda Corporate Income Tax Act 2023 (CITA 2023) became law.

Effective as of 1 January 2025, a 15% corporate income tax (CIT) will be generally applicable to Bermuda businesses that are part of a multinational enterprise (MNE) group with annual revenue of 750 million euros (EUR) or more. The Bermuda CIT aligns with the Global Anti-Base Erosion (GloBE) rules and qualification as a Covered Tax. However, Bermuda currently has no proposals to introduce the Income Inclusion Rule (IIR) or the Undertaxed Profits Rule (UTPR). 

In December 2025, the Tax Credits Act 2025 was enacted which offers credits available to certain Bermuda businesses.

Historically, Bermuda had not imposed taxes on profits, income, dividends, or capital gains. Bermuda businesses that are not within the scope of Bermuda CIT will continue to not be subject to income tax in Bermuda.