KPMG report: Potential U.S. tax implications of proposed Bermuda corporate income tax
A public consultation describing a potential new corporate tax regime, effective for tax years beginning on or after January 1, 2025
Potential U.S. tax implications of proposed Bermuda corporate income tax
The government of Bermuda, on August 8, 2023, released a public consultation describing a potential new corporate tax regime (Bermuda CIT), effective for tax years beginning on or after January 1, 2025. Read TaxNewsFlash
The Bermuda CIT is being contemplated as a response to the adoption of the base erosion and profit shifting (BEPS) Pillar Two global minimum tax (GloBE) rules in many jurisdictions. The potential U.S. tax implications arising from the differing options implicit in the consultation generally highlight the considerations that so-called “investment hub” jurisdictions are weighing in crafting their responses to the GloBE rules.
Read an August 2023 report [PDF 277 KB] prepared by KPMG LLP that discusses the potential U.S. tax implications of the proposed Bermuda CIT
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