The Corporate Income Tax agency has collected more than $1 billion in payments in aggregate to date, the Premier said.

David Burt told the House yesterday that the CIT agency received 137 payments from Bermuda constituent entity groups.

He explained that each group may comprise several individual company members.

In response to questions from the Opposition, the Premier, also the Minister of Finance, said while he did not have the exact figure at hand, “I do know it’s been over a billion dollars”.

Douglas De Couto, the Shadow Minister of Finance, asked for an estimate on how many paying entities were expected to seek tax credit payments but Mr Burt said the information could be requested in written format.

When Mr Burt delivered his 2026-27 Budget Statement in February, he said CIT receipts would be used to pay off a government bond due in January 2027.

In February, the Government projected total revenue in 2026-27 at $2 billion, with a budget surplus of $472.7 million. CIT revenue was projected to be $753.2 million.

At the time, the Premier said that the Government had decided against using the tax regime to cover the everyday costs of running the country.

Bermuda's Corporate Income Tax Act 2023 became law in December 2024, allowing the island to apply a 15 per cent tax to qualifying large multinational corporations.

The first payment was made in September last year, with a second in December.