Executive summary

On 19 January 2026, the Bermuda Corporate Income Tax Agency (CITA) issued Form 001-Instalments (Form 001). Form 001 gathers information in relation to the calculation of payments due in respect of the Bermuda Corporate Income Tax.

The deadline for Form 001 in respect of each Bermuda Corporate Income Tax installment with a due date prior to 31 December 2025 is Monday, 2 February 2026 (adjusted to 2 February 2026 because 31 January is a Saturday). Form 001 also must be submitted with each future installment payment.

Form 001 includes information relating to the Filing Bermuda Constituent Entity, the Ultimate Parent Entity and the calculation methodology used to calculate the installment. Form 001 also contains a simplified installment calculation summarizing key adjustments and items that affect the amount of tax due or refundable. Notably, the form requires information related to the projected impact of the Tax Credits Act 2025 (See EY Global Tax Alert, Bermuda Parliament adopts Tax Credits Act 2025 and Corporate Income Tax Amendment (No. 2) Act 2025, dated 15 December 2025).

Form 001 applies even if the amount of the installment payment is nil. However, the form is not required if an installment payment is not required because a fiscal year is shorter than 52 weeks, or if the de minimis exemption election will be made with respect to the Bermuda Constituent Entity Group.

Civil penalties may apply if Form 001 is required to be filed but is not submitted by the deadline described or is, in the opinion of CITA, incomplete or incorrect. The penalty is US$1,000 for each month or part of a month for which the filing remains outstanding.

Form 001 along with instructions and a submission template can be found here.

Background

In December 2023, the Bermuda Parliament enacted legislation introducing a 15% Corporate Income Tax (CIT) regime effective for tax years beginning on or after 1 January 2025. (See EY Global Tax Alert, Bermuda Parliament passes legislation to enact a 15% corporate income tax, dated 22 December 2023.)

Administrative Regulations, which included requirements and methodologies for making installment payments were made effective on 2 June 2025. Two payments are required prior to filing the annual tax return. The first annual payment is the last day of the eighth month of the fiscal year (i.e., 31 August if the fiscal year is the calendar year). The second annual installment is due on the 15th day of the 12th month of the fiscal year (i.e., 15 December if the fiscal year is the calendar year). Two calculation methodologies are allowable under the Administrative Regulations, based either on full-year projections or computed in reference to partial-year financial statements, with certain adjustments. (See EY Global Tax Alerts, Bermuda releases third public consultation for CIT administrative provisions, dated 25 February 2025 and Bermuda releases final CIT administrative regulations, dated 22 May 2025.)

Implications

Taxpayers have limited time to file Form 001 in respect of installments that were due in calendar year 2025. Failure to file timely may result in penalties. Furthermore, taxpayers that did not make payments because they expected their obligation to be nil now have a filing obligation and will be required to gather the required details for submission.