Bermuda: New corporate income tax form 001 due February 2, 2026

The Bermuda Corporate Income Tax Agency (CITA) on January 16, 2026, released Form 001, a new tax form that requests information related to the computation of corporate income tax installments for Bermuda constituent entity groups. For many such groups, the due date for the first Form 001 submissions will be February 2, 2026, so immediate action may be required for timely filing.

Background

Pursuant to the Corporate Income Tax (Administrative) Regulations 2025, Bermuda constituent entity groups may be required to make two corporate income tax installment payments with respect to each fiscal year. Prior to the introduction of Form 001, such groups were only required to disclose the amount of each installment payment via the CITA Online portal and were not required to provide further information regarding how the installment payment was computed.

In December 2025, the regulations were amended pursuant to the enactment of the Corporate Income Tax (Administrative) Amendment Regulations 2025. Among other changes, the amendments introduced the requirement in regulation 10A to submit information related to the computation of each installment of a Bermuda constituent entity group, on such form and in such manner as prescribed by CITA. 

CITA has introduced Form 001 to address this new filing requirement.

Filing requirement

A Bermuda constituent entity will be required to file a separate Form 001 with respect to each of the first and second installments of the Bermuda constituent entity group. Form 001 is generally required to be filed regardless of whether an installment payment was made with respect to the group. However, Form 001 is not required to be filed to the extent that:

• An installment payment was not required to be made for the group pursuant to regulation 12(2) or (3) (i.e. related to certain short fiscal years), or
• The de minimis exemption election will be made with respect to the group for the fiscal year in accordance with section 7 of the Corporate Income Tax Act 2023.

In the case of first and second installments which were due prior to December 31, 2025, regulation 10A specifies that the due date for filing Form 001 is January 31, 2026 (given that January 31 falls on a Saturday, the due date is extended to the next business day (February 2)).  In the case of other installments, Form 001 is required to be filed by the due date of the installment payment as specified in regulations 13 or 14. 

Filing procedure

Form 001 is an Excel template and can be downloaded, along with filing instructions, from the CITA website. 

The filing instructions specify that the information disclosed on Form 001 must be a reasonable representation of the specific information included in the computation of the installment with respect to which Form 001 is being filed. 

Once Form 001 has been completed it should be uploaded directly to the same website by clicking “Start” and following the relevant prompts.

Potential consequences associated with a failure to timely file Form 001

When Form 001 is required to be filed and is not submitted by the deadline described or is, in the opinion of CITA, incomplete or incorrect, then any payment related to such installment shall be deemed not to have been made prior to the earlier of:

• The date on which Form 001 has been filed with CITA in accordance with the Regulations, or
• The original due date for the Bermuda constituent entity group’s return for the fiscal year to which the installment relates

Failure to file Form 001 in accordance with the regulations may result in a civil penalty of US$1,000 for each month or part of a month for which the filing remains outstanding, pursuant to section 46D of the Corporate Income Tax Amendment (No. 2) Act 2025. Interest shall be chargeable in accordance with the regulations in respect of the underpayment of installments.

 

For more information, contact a KPMG tax professional in Bermuda:

Will McCallum | willmccallum@kpmg.bm

Sarah Robey | sarahrobey@kpmg.bm

Jay Payne | jaypayne@kpmg.bm

Irina Razumovskaya | irinarazumovskaya@kpmg.bm