Bermuda has enacted legislation to introduce a corporate income tax (CIT regime) in the jurisdiction.

The applicable statutory rate of tax under the CIT regime is 15 percent effective for fiscal years beginning on or after 1 January 2025.

The decision came in response to the Pillar Two global minimum tax rules (the GloBE rules) set out by the Organisation for Economic Co-operation and Development (OECD), and following three rounds of public consultation.

The...