Bermuda has released guidance for MNEs that are required to provide information under the country-by-country (CbC) reporting legislation. The key points can be summarized as follows:
- CbC reports are required to be filed in Bermuda by ultimate parent entities that are tax resident in Bermuda and in some cases by tax resident entities that are not ultimate parents of the MNE group but are appointed as surrogate parents for the purpose of CbC reporting. Bermuda tax resident entities that are ne…