Tax Reform Commission – 2024 Plan

During 2024, the TRC will make recommendations on possible adjustments to all aspects of the current tax regime and recommendations to lower the cost of living and doing business in Bermuda. The Commission will propose appropriate tax adjustments and tax credits to accomplish this goal. This will be done in two parts:

 

1. Propose tax credits for MNEs: The TRC will consider a range of credits for investments made in Bermuda that would qualify under the OECD Pillar II framework as Qualified Refundable Tax Credits (QRTCs).
   • These credits will lower the burden and increase our competitiveness for the Bermuda MNEs who will pay the CIT.
   • QRTCs make investment in Bermuda’s economy attractive to companies that meet the requirements and may include credits for funding of worker training and career development, investments in infrastructure, sustainability, housing and more.

    

2. Adjustments to overall national tax regime for Bermuda individuals, companies and MNEs: Focusing on the largest tax and fee-for-service categories, the TRC aims to identify levers to reduce the cost of living and the cost of doing business in Bermuda. The TRC will incorporate these into a recommended framework and policy set that provides the Government with the necessary flexibility to manage the tax system over the medium to long term.