Bermuda

Since income taxes have not previously been imposed on corporations in Bermuda, tax returns have historically not been required to be completed for corporate income tax compliance purposes.

Public communications discussing certain administrative matters related to Bermuda CIT have been released including:

Tax Return Filings:

Filing BCEs are required to submit CIT returns for their BCE groups annually. Returns are proposed to be due by the 15th day of the 10th month following the fiscal year-end.

Payment of Taxes:

Taxes are paid in installments. The first installment is proposed to be due by the 15th day of the 8th month after the beginning of the fiscal year, amounting to 50% of the expected tax liability for the year. The second installment is due by the 15th day of the 12th month after the beginning of the fiscal year, bringing the total installments to 90% of the expected tax liability.

Upon filing the CIT return, a "true-up" payment must be made no later than the due date of the return, regardless of when the return is filed.