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Calculating Payroll tax for the period April 1, 2026 – March 31, 2027

Payroll Tax Amendments for 2026 The budget statement which was read on Friday, February 20th, 2026, by the Premier and Finance Minister, the Hon. David Burt, JP, MP included the following amendments to the Payroll Tax Act 1995. Click the arrows to view full details. Click on the arrows below to view full details. New Hire Relief 2026 The New Hire Relief of 2026 repeals and replaces the relief granted in 2024. The 2026 New Hire Relief is offered to: All Exempted Companies and, All other...

25 March 2026 Office of The Tax Commissioner 7 min read

Article

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

Incentives for Job Makers - Guidelines for Employers

The Economic Development Department (EDD) offers a range of incentives for employers who are committed to job creation and economic growth in Bermuda. These guidelines provide detailed information on the available incentives and the application process for employers. Below is an overview of the key aspects: Overview of Incentives Tax Relief: Employers may be eligible for tax relief, including payroll tax exemptions and customs duty relief, to support job creation. Work Permit Concessions:...

10 July 2024 Economic Development Department 2 min read

Article

Calculating Payroll Tax for the period April 1, 2024 – March 31, 2025

Payroll Tax Amendments for 2024 The budget statement which was read on Friday, February 16 th , 2024, by the Premier and Finance Minister, the Hon. David Burt, JP, MP included the following amendments to the Payroll Tax Act 1995. New Hire Relief: 2024 The New Hire Relief of 2024 repeals and replaces the relief granted in both 2018 and 2020. The 2024 New Hire Relief is offered to: All Exempted Companies and, All other employers with remuneration greater than $500,000 Qualifying Employers must...

26 March 2024 Office of The Tax Commissioner 6 min read

Article

International Sanctions 2023

The Ministry of Legal Affairs Financial Sanctions Implementation Unit (FSIU) provides important and current information related to sanctions to assist you with Bermuda’s Sanctions Regime compliance. Every effort is made to ensure that this information is current but in order to ensure compliance with the most up-to-date sanctions measures, you are encouraged to refer directly to the relevant and Bermuda laws and to seek legal advice where necessary. As a way of providing information about the...

15 January 2024 Financial Sanctions Implementation Unit 7 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

Restaurants Relief Guidelines

24 August 2023 Introduction The administration of Restaurants Temporary Customs Duty Relief (“Restaurants Relief”) will be carried out by the Customs Long Room under the direction of the Assistant Collector of Customs for Commercial Operations. Restaurants Relief 100% customs duty relief is available to restaurant operators, managers and their agents in respect of eligible goods. In these guidelines—“Eligible goods” includes capital goods imported for use in a restaurant. “Capital goods”...

03 November 2022 Customs 1 min read

Article

Bermuda General Licences

General Licences issued by the Government of Bermuda allow for specific activities that would otherwise be prohibited under Bermuda’s sanctions regime. These licences are designed to support compliance with international obligations—particularly those related to financial and trade sanctions—while providing legal clarity and operational flexibility in narrowly defined circumstances. All entities using a General Licence must ensure compliance with the relevant terms, maintain accurate records,...

21 October 2022 Financial Sanctions Implementation Unit 7 min read

Article

Employment and Labour Relations Tribunal

The Employment and Labour Relations Tribunal, established under the Employment Act 2000, has jurisdiction to hear and determine (including by way of arbitration) complaints, labour disputes, differences, conflicts and other matters referred to it under the Employment and Labour Code. The Employment and Labour Relations Tribunal consists of no more than 30 persons who are barristers and attorneys, persons with experience or expertise to represent the interest of employers and persons with...

13 July 2022 Labour 6 min read

Article

Calculating Payroll Tax for the period April 1, 2022 – March 31, 2023

Payroll Tax Amendments for 2022 The budget statement delivered on Friday, February 25, 2022 by the Premier and Finance Minister, the Hon. David Burt, JP, MP resulted in the following amendments to Payroll Tax. New Hire Relief The New Hire tax incentives offered in 2018 and again in 2020 have been extended through to March 31, 2024. Employers who are eligible for the New Hire relief 2018 include all Exempted Companies and those other employers who have gross annual remuneration of greater than...

29 March 2022 Office of The Tax Commissioner 7 min read

Article

Budget 2021-2022

Here you will find information relating to the 2021 - 2022 Budget. Budget Statement Budget Statement 2021 - 2022 National Economic Report 2020 National Economic Report 2021/22 Approved Estimates of Revenue and Expenditure Book

25 February 2022 Finance 1 min read

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