Corporate Entities (Miscellaneous) Amendment Act 2024

What this bill does

This bill requires all Bermuda companies, partnerships, and LLCs to tell the government whether they will need to pay Bermuda's new corporate income tax starting January 1, 2025. The information will be shared with the tax agency but kept private from the public.

If passed (voted YES)

• All businesses registered in Bermuda must declare if they're subject to the new corporate income tax when they file paperwork or pay fees
• The Registrar of Companies will share this tax status information with Bermuda's Corporate Income Tax Agency
• Businesses that don't provide this information can be required to resubmit their forms, but won't face penalties if their original filing was before this law took effect

If rejected (voted NO)

• Businesses won't be required to declare their corporate tax status to the Registrar of Companies
• The tax agency won't automatically receive information about which entities should pay corporate income tax
• The government may have difficulty identifying which businesses are subject to the new tax system

Who it affects

This affects all companies, partnerships, and limited liability companies registered in Bermuda, including local companies, exempted companies, permit companies, and overseas partnerships. Business owners and their representatives will need to provide additional paperwork when dealing with the Registrar of Companies.