Tax Credit Benefits Return

The Tax Credits Act 2025 and regulations create tax credit benefits for qualifying Bermuda groups and entities, effective for fiscal years beginning on or after 1 January 2025. The policy intent is to encourage on-island investment, employment in Bermuda, opportunities for Bermudians, domestic expenditure, and meaningful charitable contributions.  The Act establishes three principal credits, a substance-based, community development, and utilities infrastructure credit. The tax credits are available to both Corporate Income Tax Taxpayers and non-Corporate Income Tax Taxpayers where certain criteria are met.

Qualifying groups are required to file a return (the “TCB Return”) for each fiscal year beginning on or after January 1, 2025.  Each TCB Return is comprised of the TCB Online Return along with the relevant Schedule.

The instructions below outline the structure of the TCB Return as prescribed by the Agency, including the requirement that each TCB Return must be accompanied by:

• the Simplified TCB Return Schedules (Form S-203), to the extent that the QBGE members of the Qualifying Bermuda Group are only claiming the Community Development Tax Credit benefit;

• the Detailed TCB Return Schedules (Form S-202), to the extent that:

• the QBGE members of the Qualifying Bermuda Group are claiming any one or more of the Substance-Based Tax Credit benefit, the Community Development Tax Credit benefit, or the Utilities Infrastructure Tax Credit benefit; and

• the Filing QBGE elects to file the Detailed TCB Return Schedules; or

• in all other cases, the Standard TCB Return Schedules (Form S-201).

The instructions provide detailed guidance and Taxpayers are encouraged to read the filing instructions carefully.

Please access the documents below and reach out to us at support@cita.bm or call +1 441 543 8660 for any queries.