BERMUDA: Substance legislation tabled

By in

The Bermuda government have finalised legislation to be nominated for review before the EU Code of Conduct Group on Business Taxation. The Economic Substance Act 2018 Bill has been enforced in order to meet new ‘economic substance’ business taxation rules demanded by the group.

The new bill will now be applicable to Bermuda registered entities that have their core income generating activities carried out in jurisdiction; as well as having a registered office premises; maintenance costs and other expenditure in Bermuda such as employing a team. For entities that

conduct relevant activities, such as those in:

Fund management.
Banking.
Intellectual property licensing.