Bermuda Introduces Corporate Income Tax: Public Consultation Paper Released
First Public Consultation: A Framework for CIT Administration
The Bermuda Ministry of Finance has published a public consultation paper outlining the administrative provisions of the Corporate Income Tax (CIT). This initial consultation provides a comprehensive proposal for the CIT's administration, including:
- Filing and registration requirements
- Taxpayer compliance framework
- Obtaining public feedback
Key Objectives of the CIT Administrative Provisions
The Administrative Provisions aim to:
- Establish a clear and efficient process for CIT administration.
- Ensure compliance and minimize opportunities for tax evasion.
- Foster transparency and accountability in the tax system.
Highlights of the Proposed CIT System
The proposed CIT system includes:
- A 21% tax rate on Bermuda-sourced business income.
- Exemption for businesses with annual revenue below $500,000.
- Filing requirements based on business size and complexity.
- Provisions for tax audits and dispute resolution.
The Ministry of Finance emphasizes that the public consultation paper is intended to initiate a dialogue with stakeholders and gather feedback to inform the finalization of the CIT administrative provisions.
Call for Public Feedback
The Bermuda government invites businesses, professionals, and the general public to provide feedback on the proposed CIT administrative provisions. The consultation period ends on March 31, 2023. Feedback can be submitted through the following channels:
- Online: https://www.gov.bm/public-consultation-cit
- Email: cit@finance.gov.bm
- Mail: Ministry of Finance, 103 Parliament Street, Hamilton HM 12
The feedback received during this consultation will help the Ministry of Finance refine the CIT administrative provisions and ensure that they meet the needs of Bermuda's business community.
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