Cheryl-Ann Lister appointed chair of Bermuda Tax Agency
Cheryl-Ann Lister (pictured) has been appointed as the first chair of Bermuda’s newly formed Corporate Income Tax Agency.
The Bermuda-based financial expert, who has led key agencies including the Bermuda Monetary Authority, will oversee CITA alongside a board of retired insurance executives, lawyers, and tax specialists.
Lister is also a chartered financial analyst and was the founder of the Bermuda CFA Society. She has also been chair of Bermuda’s National Anti-Money Laundering Committee.
Other members of the board include three retired senior insurance executives: former PartnerRe CEO Jacques Bonneau, former Everen chief operating officer George Hutchings, and former AXA XL Insurance Bermuda CEO Patrick Tannock.
Bermuda’s international re/insurers are expected to be the single largest group of payers of the CIT.
They are joined by retired US tax lawyer Laura Barzilai, who is also an expert on insurance structures, retired Butterfield Bank general counsel and chief legal officer Shaun Morris and Bermuda Government tax advisor Michael Regan.
Mervyn Skeet, the newly appointed CEO of the agency, is also on the board.
David Burt, the premier and finance minister of Bermuda, has also revealed that excess revenues from the CIT will be placed in a Bermuda Sovereign Wealth Fund.
“This fund will allow for strategic investments in infrastructure and public services, while supporting the reduction of Bermuda’s national debt over time, creating a stronger, more stable financial foundation for the country,” he said.
He said the government would also implement the recommendations of the Tax Reform Commission, so that the burden of taxation remains fair and balanced, particularly as new revenues from CIT are incorporated into Bermuda’s long-term financial planning.
“These reforms are key to ensuring that the government has the necessary fiscal guardrails in place to protect our economy while making Bermuda’s tax system more equitable,” he said.
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