Bermuda launches consultation to consider introduction of OECD's Pillar Two Framework
The Government of Bermuda has announced that it is considering the introduction of a new corporate tax regime to accommodate the OECD's Pillar Two Tax Framework, which seeks to establish a minimum corporation tax rate of 15% for large multinational groups (defined by the OECD as those having annual revenue of €750M or more).
As part of an initial public consultation period, the Government has issued a public consultation paper to get public feedback on its current considerations in response to the OECD Pillar Two initiative, based on all of the advice received to date. This first consultation period is due to end on 8th September 2023.
Further details on the Government's announcement and the consultation paper can be found on the Government of Bermuda website here.
Please contact your usual Carey Olsen relationship partner or a member of our Regulatory and Compliance team in Bermuda if you have any questions or would like to discuss the announcement in more detail.
