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The Government of Bermuda has recently amended the Exempted Undertakings Tax Protection Act 1966 (the “Act”). The amendments extend the period from 28 March 2016 until 31 March 2035 for which the Minister of Finance may grant an assurance to an exempted undertaking that it will not be liable to pay certain taxes. These include any taxes computed on profits or income or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance tax. Consequently, it is now possible for an exempted undertaking to apply to the Minister of Finance for an assurance pursuant to the Act lasting until 31 March 2035.
Who can apply?
Any exempted undertaking as defined in the Act (includes exempted companies, permit companies, partnerships and unit trusts).
What if an exempted undertaking already has an assurance until 28 March 2016?
The existing assurance remains valid until 28 March 2016. However, an exempted undertaking can apply for an extension to the assurance lasting until 31 March 2035.
How to apply?
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Extension to Bermuda’s Exempted Undertakings Tax Protection Act 1966