Corporate income tax legislation was tightened up yesterday in the House of Assembly.

The Corporate Income Tax Amendment Act 2025 gave “miscellaneous updates” to strengthen the CIT regime and made it clearer to file tax returns.

David Burt, the Premier and Minister of Finance, said that many of the amendments were done to make the legislation clearer and more precise.

He said that the amendment would further ensure that tax receipts were paid into the tax refund reserve fund rather than the consolidated fund.

One piece of the amendment, according to Mr Burt, gave the Minister of Finance the power to delegate responsibilities to the Corporate Income Tax Agency with the approval of the Accountant General.

He said: “These administrative positions are essential to ensuring the effective and transparent operation of the tax refund reserve fund.

“By clearly defining the roles and responsibilities of the management of tax receipts and disbursements, the amendment supports more robust governance and accountability.”

Douglas De Couto, the Shadow Minister of Finance, threw his support behind the Bill and its clarification.

He added that the consultation behind the Bill, which was held between May and June, gave him more confidence in it.

Dr De Couto said “We would look forward to seeing that kind of two-way consultation happening in many of the other areas where the Government professes to be consulting.”

The tax scheme is expected to come into effect in September.