Bermuda plans to levy corporate income tax on re/insurers from 2025

The Government of Bermuda is considering introducing a corporate income tax from 2025 on multinational enterprise groups (MNEs) operating on the island with annual revenue of €750 million ($820 million) or more. The rejig of the existing tax regimes aims to bolster policy initiatives to enhance Bermuda’s economic growth prospects, as well as lower the cost of living and doing business in Bermuda.