Bermuda legislates for payroll tax adjustments in Finances 2022

Bermuda legislates for payroll tax adjustments in Finances 2022


Bermuda legislates for payroll tax adjustments in Finances 2022

by Jason Gorringe, Tax-Information.com, London

March 21, 2022


Bermuda filed the Payroll Tax Modification and Validation Invoice 2022 to implement payroll tax measures introduced within the territory’s current price range.

The price range introduced that Bermuda will additional scale back the payroll tax burden for these incomes lower than BMD 48,000. As well as, payroll tax breaks for the hospitality business might be prolonged by six months in response to the COVID-19 pandemic.

Clause 5 amends the desk of normal price bands in Part 3A(1) of the Payroll Tax Charges Act 1995 to cut back the payroll tax payable on the annual wage band as much as BMD48,000 from 2 per cent to 1.5 per cent and up enhance 8.5 % to 9 % of the payroll tax payable on the annual compensation vary of BMD 48,001 to BMD 96,000.

As well as, the brand new rent incentive, which expires on March 31, 2022, might be prolonged by two years for native and worldwide corporations with wage payments over BMD 500,000 which can be increasing their workforce. The measure is prolonged to March 31, 2024 in paragraphs 2 and three of the invoice.



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