The Ministry of Finance today issued a public information document regarding the Corporate Income Tax Agency.
Following the enactment of the Corporate Income Tax Act 2023 in December, 2023 , the Government is moving ahead with the establishment of a Corporate Income Tax Agency (the “Agency”).
This document sets out a high-level background of the structure and function of the Agency and provides information on the proposals for the Agency’s organisation and powers. An illustrative draft of the legislation is also included.
“We invite feedback on the Agency’s structure and function to evaluate potential modifications,” stated Premier and Finance Minister David Burt. “We value the input received so far concerning the CIT and welcome further insights and suggestions as we move forward.”
Questions and points of concern concerning these proposals should be directed to FINANCE@gov.bm to be received no later than 5 July, 2024.
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