Execution will be critical for first time corporate income tax: Michael Neff

The Bermuda government launched a consultation in August on the global minimum tax, which is being pushed by the Organisation for Economic Co-operation and Development. Butterfield Group’s Michael Neff tells Bermuda:Re+ILS about some of the challenges.

In an interview for Voices of Bermuda 2023, the bank's Bermuda managing director said the tax would see Bermuda move from a primarily consumption tax-based system to one in which corporate profits were taxed for the first time.

Neff said: “If you think about the regime today that does not exist to collect income tax, that’s a huge shift in the capabilities the government has to have. It’s not only collecting the tax, but the compliance, the tax systems you need—the execution of it will be a big challenge.”

For more on this free video interview and article, click here