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Bermuda: Tax developments in response to COVID-19

General Information

This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19).

The content will be updated regularly. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given jurisdiction. Please refer to the date of accuracy and refer to the relevant links, under additional information, for original source information.

Date accurate as of: 10 June 2020

Bermuda’s tax authority extended the reporting deadline for the common reporting standard (CRS) to 15 July 2020 for the reporting period ended 31 December 2019. The extended deadline is made in response to the coronavirus (COVID-19) pandemic. 

Additional Information

In addition, the Bermuda Ministry of Finance has postponed the deadline for submitting country-by-country (CbC) reports in response to the coronavirus (COVID-19) pandemic. The deadline is now 31 May 2020 for submitting CbC reports for periods ending between 26 March 2019 and 31 May 2019. The submission deadlines for reporting periods ending after 31 May 2020 have not changed.

Additional Information.

On 18 March 2020, the Bermuda Monetary Authority (BMA) issued a COVID-19 notice noting (among others):

  • A one-month extension to the insurance annual statutory filings deadline
  • That it would not enforce the requirement of Bermuda-registered companies to hold physical Board Meetings in Bermuda in the first half of 2020

Additional Information

The Ministry of Finance has postponed the deadline for submitting CbC reports to 31 May 2020 for reporting periods ending between 26 March 2019 and 31 May 2019. The submission deadlines for reporting periods ending after 31 May 2020 have not changed.

In addition, Bermuda’s tax authority extended the reporting deadline for the common reporting standard (CRS) to 15 July 2020 for the reporting period ended 31 December 2019. 

Additional Information

Bermuda’s tax authority announced an additional extension of the reporting deadline for the common reporting standard (CRS) to 31 August 2020 for the reporting period ended 31 December 2019. The updated due date follows a prior extension of the deadline to 15 July 2020 after further consideration of the ongoing effects of the coronavirus (COVID-19) pandemic. Additionally, any new CRS registrations are required to be submitted by 31 July 2020.

Additional Information