Bm Tax Overview

---
name: bm-tax-overview
description: "Source-cited draft: tax overview for Bermuda (tax year 2025) — rates, thresholds and rules with primary-source citations. Unverified; pending local-accountant review."
license: "AGPL-3.0-or-later (code) / OpenAccountants Guide License v1.0 (content)"
metadata:
  source: openaccountants
  openaccountants_url: "https://www.openaccountants.com/skills/bm-tax-overview"
  jurisdiction: "BM"
  tax_year: "2025"
  last_updated: "2026-07-13"
---

# Bermuda Tax Overview

## Bermuda tax system at a glance

Bermuda is a British Overseas Territory with no personal income tax, no corporate income tax on most companies, no capital gains tax and no VAT/sales tax. Government revenue comes primarily from payroll tax, customs import duties, and various fees. A new 15% corporate income tax applies only to large multinational enterprise (MNE) groups for tax years beginning on or after 1 January 2025.

- **Currency** — Bermudian dollar (BMD), pegged 1:1 to the US dollar (USD)  _(Government of Bermuda — official currency, https://taxsummaries.pwc.com/bermuda)_
- **Personal income tax** — None — Bermuda does not impose income tax on individuals  _(PwC Worldwide Tax Summaries — Bermuda, Individual taxes on personal income, https://taxsummaries.pwc.com/bermuda/individual/taxes-on-personal-income)_
- **Corporate income tax (general)** — None for most companies; a 15% CIT applies only to in-scope MNE constituent entities  _(Corporate Income Tax Act 2023, https://taxsummaries.pwc.com/bermuda/corporate/taxes-on-corporate-income)_
- **Headline corporate income tax rate (in-scope MNEs)** — 15 percent  _(Corporate Income Tax Act 2023, https://www.gov.bm/CIT)_
- **VAT / GST / sales tax** — None — Bermuda has no value-added tax, goods and services tax, or general sales tax  _(PwC Worldwide Tax Summaries — Bermuda, Other taxes, https://taxsummaries.pwc.com/bermuda/corporate/other-taxes)_
- **Capital gains tax** — None  _(PwC Worldwide Tax Summaries — Bermuda, Overview, https://taxsummaries.pwc.com/bermuda)_
- **Primary government revenue sources** — Payroll tax, customs import duties, land tax, stamp duty, and government fees  _(PwC Worldwide Tax Summaries — Bermuda, Overview, https://taxsummaries.pwc.com/bermuda)_
- **Payroll tax year** — 1 April to 31 March  _(Payroll Tax Act 1995, https://www.gov.bm/payroll-tax)_
- **Residence / taxation basis** — No income-based residence test for individuals (no income tax); payroll tax is levied on remuneration for work performed in Bermuda regardless of residence  _(Payroll Tax Act 1995, https://www.gov.bm/payroll-tax)_
- **Withholding taxes on dividends, interest, royalties** — None  _(PwC Worldwide Tax Summaries — Bermuda, Corporate withholding taxes, https://taxsummaries.pwc.com/bermuda/corporate/other-taxes)_
- **Common customs import duty rate** — 25 percent (most common rate; other rates apply by good; (approx — confirm by tariff line))  _(Customs Tariff Act 1970, https://taxsummaries.pwc.com/bermuda/corporate/other-taxes)_

## Today's figures and who stands behind this skill

This file is an AI skill (tax rules your AI follows) from OpenAccountants, copied on 2026-07-13. Rates, thresholds and deadlines change. For the current version of this skill, its official sources and the named accountant (if any) who stands behind it, call `get_skill` with slug `bm-tax-overview` on the OpenAccountants connector (https://www.openaccountants.com/connect), or read https://www.openaccountants.com/skills/bm-tax-overview. If neither is available, confirm every figure against the official source pages cited above before relying on it.