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Calculating Payroll Tax for the period April 1, 2025 – March 31, 2026

Payroll Tax Amendments for the fiscal year April 1, 2025 – March 31, 2026 The budget statement which was read on Friday, May 2, 2025, by the Premier and Finance Minister, the Hon. David Burt, JP, MP included the following amendments to the Payroll Tax Act 1995. Redundancy Payments – Tax Exemption Effective July 1, 2025, any payments made to employees or deemed employees, or benefits provided in connection with the permanent termination of employment —whether due to redundancy or other...

24 March 2025 Office of The Tax Commissioner 6 min read

Article

Bermuda Contributory Pension Fund Actuarial Review

The Contributory Pension Fund (CPF) Actuarial Review offers valuable insights into the financial health and sustainability of Bermuda’s pension system. Conducted every three years, these reviews evaluate the Fund’s ability to fulfill its long-term obligations, ensuring financial security for current and future beneficiaries. An actuarial report analyzes the present and future conditions of the pension fund, assessing its capacity to meet the needs of those who depend on it. The reviews also...

28 January 2025 Social Insurance 1 min read

Article

Bermuda Corporate Income Tax

The Government of Bermuda introduced Corporate Income Tax with effect from 1 January 2025 and established the Corporate Income Tax Agency to administer all aspects of the tax. Effective 13 March 2026, the Corporate Income Tax Agency was designated as the Competent Authority responsible for the administration of the Common Reporting Standard and Country-by-Country Reporting. Accordingly, with effect from 22 June 2026, all content previously located at Common Reporting Standard Country Country...

15 November 2023 Finance 1 min read

Article

Calculating Payroll Tax for the period April 1, 2023 – March 31, 2024

Payroll Tax Amendments for 2023 The budget statement delivered on Friday, February 17 th , 2023 by the Premier and Finance Minister, the Hon. David Burt, JP, MP resulted in the following amendments to Payroll Tax with effect from April 1, 2023. To see how this impacts the employee portion, this simple tool generates a payroll tax estimate for year 2022/23 versus 2023/24. It is an estimate for illustration purposes only: Payroll Tax Estimate Employees on Maternity or Paternity Leave Employers...

20 March 2023 Office of The Tax Commissioner 5 min read

Article

Budget 2022-2023

Budget Statement In support of the Estimates of Revenue and Expenditure 2022 - 2023 presented by the Hon. E. David Burt, JP, MP Premier and Minister of Finance Delivered on: 25 February 2022 Budget Statement 2022-2023 National Economic Report of Bermuda 2021 2022/23 Approved Estimates of Revenue and Expenditure Book

17 February 2023 Finance 1 min read

Article

2020 Exchange Rates

December 2020 Exchange Rates Currency Dec 3 - Dec 9 Dec 10 - Dec 16 Dec 17 - Dec 23 Dec 24 - Dec 30 Dec 31 - Jan 6 U.S. Dollar (USD) 1.0000 1.0000 1.0000 1.0000 1.0000 British Pound (GBP) 1.3312 1.3457 1.3534 1.3421 1.3611 Canadian Dollar (CAD) 0.7721 0.7821 0.7842 0.7768 0.7828 Euro (EUR) 1.2051 1.2113 1.2195 1.2192 1.2273 Australian Dollar (AUD) 0.7354 0.7476 0.7570 0.7570 0.7666 Swiss Franc (CHF) 1.1122 1.1254 1.1324 1.1238 1.1303 Danish Kroner (DKK) 0.1619 0.1627 0.1639 0.1639 0.1650 Hong...

18 January 2022 Customs 7 min read

Article

2021 Exchange Rates

December 2021 Exchange Rates Currency Dec 02 - Dec 08 Dec 09 - Dec 15 Dec 16 - Dec 22 Dec 23 - Dec 29 Dec 30 - Jan 05 U.S. Dollar (USD) 1.0000 1.0000 1.0000 1.0000 1.0000 British Pound (GBP) 1.3323 1.3214 1.3262 1.3314 1.3439 Canadian Dollar (CAD) 0.7847 0.7925 0.7766 0.7749 0.7797 Euro (EUR) 1.1321 1.1276 1.1270 1.1301 1.1301 Australian Dollar (AUD) 0.7153 0.7136 0.7130 0.7163 0.7226 Swiss Franc (CHF) 1.0865 1.0818 1.0819 1.0835 1.0891 Danish Kroner (DKK) 0.1522 0.1516 0.1516 0.1520 0.1520...

18 January 2022 Customs 7 min read

Article

Calculating Payroll Tax for the period April 1, 2021 – March 31, 2022

Payroll Tax Amendments for 2021 The budget statement delivered on Friday, February 26, 2021 by the Hon. Curtis L. Dickinson, JP, MP resulted in the following amendments to Payroll Tax. New Hire Relief The New Hire relief 2018 which gives relief to all Exempted Companies and Employers with gross annual remuneration of greater than $1 million has been extended to March 2022. Employers who qualify for the 2018 Relief are those whose number of full time employees increased from that in the baseline.

29 March 2021 Office of The Tax Commissioner 4 min read

Article

Budget 2020-2021

Here you will find information relating to the 2020 - 2021 Budget. Budget Statement Budget Statement 2020 - 2021 National Economic Report 2019 National Economic Report Approved Estimates of Revenue and Expenditures (Budget Book) Approved Estimates of Revenue and Expenditures 2020/21

26 February 2021 Finance 1 min read

Article

Calculating Payroll Tax for the period April 1, 2020 – March 31, 2021

Payroll Tax Amendments for 2020 The budget statement delivered on Friday, February 21, 2020 by the Hon. Curtis L. Dickinson, JP, MP resulted in the following amendments to Payroll Tax. E-tax It is mandatory for all taxpayers with payrolls of $350,000 or more per annum to e-file starting from the returns for the quarter April – June 2020 which must be filed on or before July 15, 2020. Penalties will be levied where tax is not submitted in the required format. To register please visit...

20 March 2020 Office of The Tax Commissioner 4 min read

Article

Calculating Payroll Tax for the period April 1, 2019 – March 31, 2020

Payroll Tax Amendments for 2019 The budget statement delivered on Friday, February 22, 2019 by the Hon. Curtis L. Dickinson, JP, MP resulted in the following changes to be implemented by the Office of the Tax Commissioner. All changes will be effective from April 1, 2019 unless stated otherwise. E-tax It is mandatory for all taxpayers with payrolls of $500,000 or more p/a to e-file starting from the quarter April – June 2019. Penalties will be levied where tax is not submitted in the required...

20 March 2019 Office of The Tax Commissioner 5 min read

Article

Road Safety Plan 2018 - Operation Caution Solicits Feedback - Ministry of Transport and Regulatory Affairs

The Road Safety Plan 2018 – 2023 “Operation Caution” is divided into two phases – the Awareness phase and the Substantive phase. The plan’s objectives are as follows: 25% reduction in collisions 25% reduction in road deaths/fatal collisions Increased public awareness of road safety and road safety issues Comprehensive road safety education in schools Decrease in reported driving under the influence cases Features of the plan include increased Bermuda Police Service presence throughout the...

28 June 2018 Communications 3 min read

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