Bermuda’s new tax credits may apply more broadly than some companies expect, according to guidance from Conyers following the tabling of the Tax Credits Act 2025.

Robert Alexander, director, and Edward Rance, special counsel, note that eligibility for the substance-based, utilities infrastructure and community development credits is independent of whether a corporate group falls under the island’s new corporate income tax regime. Businesses that meet the criteria may still offset payroll tax or, in some cases, receive corporate income tax refunds.

Conyers also confirmed the credits will be administered by the Corporate Income Tax Agency, with detailed regulations expected in the new year.

The Act, which largely mirrors September’s draft, is expected to pass no later than December 15 and will apply from the first fiscal year beginning on or after January 1.