Rule detail : 254518

BER GVT Corporate Income Tax 2025

Published on: May 16, 2025

BER GVT published the Corporate income tax (administrative) regulations 2025.
Follows BER GVT Feb. 2025 consultation paper re tax administration, see #242428.
Provisions
Requires Bermuda Constituent Entities (BCEs) to register within set timeframes.
BCEs that submitted information under 2025 governance rules considered registered.
Each BCE group to designate a filing Bermuda constituent entity or be appointed one.
Mandates required reporting, including that BCEs report updates and cancellations.
Two installment payments due before filing, with full tax due by return filing date.
The first by 15th day of 8th month, lesser of 50% of liability or safe harbor amount.
2nd by 15th day of 12th month, lesser of 90% liability/safe harbor, minus 1st payment
Filing deadline is 10th month after fiscal year; required to retain records 5 years.
Outlines processes for inquiries, assessments, and disputes; adds appeal rights.
Inquiries allowed within 4 years of due/filing date unless no filing or issues occur.
Effectiveness
These regulations shall come into operation on Jun. 2, 2025.

Regulators

BER GVT

Entity Types

Corp

Reference

OG, BR29/2025, 5/13/2025

Functions

Compliance; Financial; Legal; Operations; Registration/Licensing; Reporting; Tax

Countries

Bermuda