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Bermuda has tabled in Parliament the Corporate Income Tax Agency Bill, 2024.
The bill, tabled on July 12, 2024, is aimed at creating a Corporate Income Tax Agency (CITA) to administers the country’s corporate income tax regime. In December last year, Bermuda enacted the Corporate Income Tax Act 2023, imposing a 15 percent corporate income tax rate on the Bermuda business of multinational groups that are “in scope” of the Pillar Two Rules developed by the OECD. The agency’s structure will allow for a Board of Directors to ensure effective governance and oversight, and a Chief Executive Officer and staff will be responsible for effective and appropriate tax administration and enforcement. The US Ways and Means Republicans have called on the Biden Administration to take swift and strong steps against Canada’s decision to impose a discriminatory digital services tax (DST) on US businesses.
In their July 11 letter to United States Trade Representative (USTR), Ambassador Katherine Tai, Republicans on the US Ways and Means Committee urged the Biden Administration to utilize authorities under Section 301 of the Trade Act to send a strong response to Canada, given the threat the DST poses to US businesses. The letter was signed by every Republican on the Committee. |
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