Budgetary estimates for the corporate income tax regime are based on projections made by the Organisation for Economic Co-operation and Development, the Premier said in the House of Assembly.

David Burt told MPs that the Government received the data from the OECD, which assesses various countries on an anonymised basis.

The Government expects to receive an average of $750 million a year from the new tax regime.

Douglas De Couto, the Shadow Minister of Finance, asked what corporations would make the island’s top ten and top 25 CIT payers based on the Government’s budgeted projections.

The Premier said the question “solicited speculation” but said more data would have to submitted before any answer could be provided.

After a follow-up query from Dr De Couto, the Premier said the $750 million figure came from the OECD statistics.

He explained: “Projections have not been done on an individual basis by individual companies. The projections which were arrived at were a broad scale.

“Data has been received from the Organisation for Economic Co-operation and Development, which collects country by country reporting data on an anonymised basis.

“That is the basis by which the Government can understand the quantum of how much is expected.

“We make adjustments from there and have that projected out and we’ve used the conservative estimate, which has been in place since 2024, of $750 million on average any given year.”

Dr De Couto suggested that the Government did not know “who the material taxpayers will be for the CIT or the amounts they will pay”.

Mr Burt clarified: “Clearly, we will not know how much is to be paid by entities until they tell us how much is to be paid.”

He said the Government had an “excellent track record” of laying out projections and exceeding them each Budget cycle.

He added: “We cannot say how much individual companies are going to pay until they tell us the actual income they have had.”

Mr Burt could not give details on the criteria and methodologies to determine how CIT receipts would be allocated between the Tax Reserve Fund and the Consolidated Fund, since legislation for the Tax Reserve Fund had yet be taken to the House.

He told MPs that this year’s allocation for the CIT tax — $187.5 million — was a quarter of the estimated amount of money to be received.