Amendments to landmark tax legislation passed without objection in the House of Assembly on Friday.

MPs from both sides of the aisle agreed that the Corporate Income Tax Act 2023 should be amended to align with the Organisation for Economic Co-operation and Development’s rules and give additional responsibilities to the Corporate Income Tax Agency.

Wayne Furbert, the Junior Minister of Finance, said: “The CIT agency held a public consultation on the proposed amendments to the Act in September 2025, which include an illustrative Bill.

“The feedback received during the consultation process has been thoroughly considered.

“Where appropriate, revisions have been incorporated into the legislation to address the concerns and suggestions raised by stakeholders.”

The Corporate Income Tax Amendment (No. 2) Act would allow the CIT agency to waive interest for taxpayers “subject to the existence of such circumstances as it may prescribe”.

When asked why the agency would want to remove this fee, Mr Furbert said: “We want to waive interest if there are specific mitigating circumstances.”

He did not specify what the circumstances could be.

The amendment also allows the CIT agency to impose penalties on businesses that do not comply with the Act.

When pressed for further details about the penalty, Mr Furbert said: “The civil penalty determined as applicable would be by the agency.”

Scott Pearman, the Deputy Leader of the Opposition, said that the One Bermuda Alliance supported the amendment.

However, he noted that it was hoped the Government will have CIT revenue “ring-fenced in order to pay down our stifling debt, in order to address our crumbling infrastructure and in order to provide targeted social support”.