Bermuda's CITA Issues Notices To Undertake Independent CRS Compliance Reviews

On 13 March 2026, Bermuda's Minister of Finance designated Bermuda's Corporate Income Tax Agency (CITA) as the 'competent authority' under the International Cooperation (Tax Information Exchange Agreements) Act 2005 and the U.S.A.–Bermuda Tax Convention Act 1986. CITA is a recently established statutory body and is now responsible for the administration and implementation of the Corporate Income Tax Act and international tax compliance functions in Bermuda. 

In its role as the competent authority in a Common Reporting Standards (CRS) participating jurisdiction, CITA has an obligation to ensure that the CRS requirements have been implemented effectively in Bermuda and to monitor Bermuda Reporting Financial Institutions (BRFIs) for ongoing compliance with CRS obligations.