Bermuda

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

Public communications and the Corporate Income Tax (Administrative) Regulations 2025 have been released (see below).

Tax returns

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

Payment of tax

Taxes are paid in instalments. The first instalment is due by the last 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 instalment is due by the 15th day of the 12th month after the beginning of the fiscal year, bringing the total instalments to 90% of the expected tax liability.  The instalment payments include a tax form filing requirement (even in circumstances where no payment is due).  The due date of this form aligns with the applicable due date for the payments discussed above.

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.