Today, the Minister of Finance released a consultation paper seeking public feedback on proposed Tax Credit legislation following the Tax Reform Commission Report that was published on August 27, 2025.
Among the recommendations in the Report—which address multiple aspects of the broader tax system—is the proposed introduction of three specific tax credits: a substance-based tax credit for regulated insurers, a community benefit credit, and a utilities infrastructure credit. The Report notes that the overall tax credit program is expected to evolve over time, informed by the results and experiences of its initial implementation.
For the purposes of this Public Consultation, an illustrative draft is attached for comment from stakeholders. The illustrative draft is prepared on the preliminary basis that the principal recommendations of the Tax Reform Commission would be adopted as described. However, this should not be read as an endorsement of or acceptance of the recommendations in the Report; it is a platform for stakeholder engagement and discussion, recognising that the Report is itself the product of extensive stakeholder engagement with a significant variety of industry participants.
This Public Consultation period will run from 4 September 2025 to 25 September 2025. Submissions received after this date may not be considered. Consultation Paper Responses and Comments should be submitted by email to: finance@gov.bm Respondents should include “Tax Credits” in the subject box.
The Report is being made available for comment on the Bermuda Citizens Forum at Citizen engagement platform | The Government of Bermuda. That site also contains a Press Release from the Tax Reform Commission with explanatory information.