The Corporate Income Tax Agency has formally taken over responsibility for Bermuda’s economic substance and international tax compliance regimes as the island consolidates several key regulatory functions under one agency.

The transition means Cita is now responsible for administering the island’s Economic Substance regime, Common Reporting Standard reporting, Country-by-Country Reporting, Foreign Account Tax Compliance Act-related compliance and Exchange of Information requests, functions previously overseen by the Registrar of Companies.

The agency said the move aligns with its broader role overseeing Bermuda’s new corporate income tax framework.

“The transition places Bermuda's tax and international compliance functions within a dedicated agency, bringing related responsibilities together within a single institutional framework,” Cita said in a statement.

The Ministry of Finance designated Cita as the competent authority under certain international tax agreements effective March 13, while responsibility for economic substance enforcement officially transferred on March 31 following passage of the Economic Substance Amendment Act 2026.

Cita described the change as “a natural and strategic alignment” with its mandate to administer Bermuda’s corporate tax regime fairly and effectively.

The agency said filing requirements, deadlines and processes are unchanged for now, and companies will continue using the Registrar of Companies website until further notice.