Global Daily Tax News, Bermuda To Expand CRS, CbC Tax Information Exchange, (Mar 7, 2025)

Bermuda has released a new government notice, setting out the jurisdictions with which the territory will exchange country-by-country reports and information under the Common Reporting Standard.

In respect of country-by-country reports, Bermuda authorities have confirmed the territory will share CbC reports filed in Bermuda in respect of the 2023 and 2024 reporting periods newly with Armenia, Georgia, Thailand, Ukraine.

Where a territory does not receive a CbC report from a multinational operating in their jurisdiction through information exchange channels, the territory may require that the multinational also file a report there, under "local filing" rules. Exchange of information between Bermuda and more territories, therefore, may absolve multinationals headquartered in Bermuda of local filing obligations elsewhere.

In respect of exchanges under the Common Reporting Standard, the updated list of reportable jurisdictions for the 2024 reporting period has been released, with the Bermuda Government adding Armenia, Georgia, Moldova, and Ukraine.