The finance ministry has released a consultation paper seeking feedback on proposed tax credit legislation following the Tax Reform Commission Report.

The public has until September 25 to respond. Submissions received after that date will potentially not be considered.

The report published last month addresses multiple aspects of the broader tax system. It proposes the introduction of three specific tax credits: a substance-based tax credit for regulated insurers, a community benefit credit and a utilities infrastructure credit.

The overall tax credit programme is expected to evolve over time, informed by the results and experiences of its initial implementation.

The public consultation paper includes an illustrative draft for comment from stakeholders. It was prepared on the preliminary basis that the principal recommendations of the Tax Reform Commission would be adopted as described, but should not be read as an acceptance of the recommendations in the report.

Responses and comments should be sent to finance@gov.bm with “Tax Credits” in the subject line.

The report will be available for comment on the Government’s Bermuda Citizens Forum engagement platform. It includes a press release with explanatory notes.

• For the Substance Based Tax Credits Public Consultation Paper, see Related Media

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Substance Based Tax Credits Public Consultation.pdf