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Bermuda Discusses Rental Tax Proposal, Tax Data Exchange

by Mike Godfrey, Lowtax.net, Washington
12 February, 2019

Bermuda's Government has stated that proposals for a rental income tax, detailed in a pre-budget report, were released as part of a consultation exercise and that the proposal for the levy has not been confirmed or formally announced. A decision on whether to include the measure in the Budget will be revealed when it is presented to parliament on February 22, 2019, it said.

The Government said that properties with an annual rental value of BMD22,800 (USD22,800) or less would be outside the scope of the tax. A government spokesperson stated: "The proposed rental tax was simply a recommendation of the Tax Commission that was added to the Pre-Budget Report, along with other tax proposals. It was included in order to extract public feedback, which we have been pleased to receive. It should be stressed that no decision has been made by the Government to implement it at this time."

Separately, Bermuda's Ministry of Finance on January 31, 2019, listed the territories with which information will be reported under the Common Reporting Standard (CRS) to foreign taxpayers' home state regarding financial accounts maintained in Bermuda.

Newly, Monaco and Switzerland will receive 2018 calendar year CRS information this year. The other territories that will receive bank data are: Australia; Austria; Belgium; Brazil; Bulgaria; Canada; Chile; China; Colombia; Croatia; the Czech Republic; Denmark; Estonia; the Faroe Islands; Finland; France; Germany; Greece; Greenland; Hungary; Iceland; India; Indonesia; Ireland; Italy; Japan; South Korea; Latvia; Liechtenstein; Lithuania; Luxembourg; Malaysia; Malta; Mauritius; the Netherlands; New Zealand; Norway; Poland; Portugal; Romania; Russia; San Marino; Saudi Arabia; Seychelles; Singapore; the Slovak Republic; Slovenia; South Africa; Spain; Sweden; the United Kingdom; Uruguay.

The CRS is the global standard for the collection, reporting, and exchange of financial account information on non-residents. It applies to foreign tax residents and to financial accounts held by legal entities, such as companies, trusts, partnerships, and associations.

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