Comments on: Corporate Income Tax Agency Act 2024

By: Hilarious!

Hilarious! — Mon, 15 Jul 2024 16:59:32 +0000

Look at all the new votes, I mean jobs for Friends & Family, created for the Corporate Income Tax Agency! Starting salaries are likely $125k and up for work that will most likely be outsourced to a consulting firm.

By: Hilarious!

Hilarious! — Mon, 15 Jul 2024 11:09:13 +0000

If Mr. Big reduced the size of Government and Government travel expenses, there would be less need for a corporate income tax. But here were see the Government growing.

NOOOOO, not “robust.” Say, isn’t the same guy who was in charge of ICT & cybersecurity for years also the Minister of Finance, and has in his portfolio the Gaming Commission, Bermuda Tourism Agency, and the Bermuda Monetary Authority?

We have not seen “robust” management of his portfolio but a lot of overseas first-class travel.

By: Joe Bloggs

Joe Bloggs — Mon, 15 Jul 2024 10:01:57 +0000

A very nicely written public relations piece. I am not sure how the statement that “for more than 100 years [Bermuda had] a tax system that was primarily consumption-based” is relevant to setting up Bermuda’s equivalent of the IRS or CRA or HMRC but that will have to remain a mystery I suppose.

I note there is no mention of the cost of either establishing or maintaining the Corporate Income Tax Agency [CITA]. That can only be because, as economists have advised for decades, it will cost more to run CITA than it will ever collect in taxes.

And then there is the point that the part of the Corporate Income Tax Act that actually imposes tax on multi-national corporations with annual revenues of €750M or more is not even in force.

The establishment of CITA can have nothing to do with collecting corporate income tax. At least not on an economic basis. It must be being established for some other reason.