Corporate Income Tax Agency Amendment Act 2026
Passed
Simplified for You
What this bill does
This bill changes how Bermuda's Corporate Income Tax Agency manages its money by creating a savings account (reserve fund) for the agency. It allows the agency to keep up to 50% of its annual budget as savings from any leftover money at the end of each year, with the rest going back to government.
If Passed (Voted Yes)
The tax agency can build up savings to cover future expenses and budget shortfalls, making its operations more stable
Any surplus money the agency has gets split - some goes into savings (up to 50% of next year's budget) and the rest returns to government coffers
All charities would be treated equally for tax credit purposes by removing special audit requirements for larger charities
If Rejected (Voted No)
The tax agency continues operating without a reserve fund, potentially making it less financially stable during challenging years
Current rules for handling the agency's surplus and deficit money remain unchanged
Larger charities keep their current advantage in the tax credit system due to audit requirements that smaller charities don't face
Who It Affects
This primarily affects the Corporate Income Tax Agency's financial management and all registered charities in Bermuda that participate in the tax credit system.
Vote counts are not published.
The Bermuda Parliament does not publicly record individual vote counts or how each member voted.
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