Businesses subject to the island’s corporate income tax regime are being urged to act quickly after the introduction of a new mandatory filing by the Corporate Income Tax Agency.

Professional services providers have explored how the agency has released Form 001, requiring detailed information on how tax instalment payments are calculated for Bermuda constituent entities.

The required information relates to instalments that were due in calendar year 2025, and there are potential penalties for those who miss the deadline.

Taxpayers that did not make payments because they expected their obligation to be nil now have a filing obligation and will be required to gather the required details for submission.

For many affected businesses, the first filing deadline is February 2.

The requirement follows amendments made in December to the Corporate Income Tax (Administrative) Regulations 2025. While constituent entities have been required to make up to two corporate income tax instalment payments each fiscal year, they previously only needed to disclose the payment amounts through the CITA online portal.

Under the amended regulations, businesses must now provide supporting information showing how each instalment was calculated.

The separate form must be submitted for both the first and second instalments for each fiscal year. In most cases, the form must be filed even if no instalment payment was made.

However, filing is not required where no instalment was due because of certain short fiscal years, or where a group intends to rely on the de minimis exemption under the Corporate Income Tax Act 2023.

Completed forms must be uploaded to the CITA website.

Businesses that fail to file Form 001 on time, or submit incomplete or incorrect information, may face penalties. In such cases, any related instalment payment may be treated as unpaid until the form is properly submitted or until the due date for the group’s annual corporate income tax return.

Late or missing filings may also result in civil penalties of $1,000 a month, or part of a month, for as long as the filing remains outstanding. Interest may also be charged on any underpaid instalments.