government / 22d ago
Opposition Finance Minister the Hon.
Opposition Finance Minister the Hon. Douglas DeCouto has raised concerns about the potential impact of government tax credits being extended to local insurance companies, including Allshores, under Bermuda’s new corporate income tax framework. Speaking following his contribution to the Motion to Adjourn in the House of Assembly, Mr. DeCouto explained that, due to technical requirements related to the OECD’s global tax framework and Bermuda’s Corporate Income Tax regime, tax credits must be made available to all regulated insurance companies operating in Bermuda. This includes local insurers such as Allshores and CG, as well as larger international insurance firms.