The Government of Bermuda is introducing a Corporate Income Tax (CIT) to apply to Bermuda businesses that are part of Multinational Enterprise Groups (MNEs) with annual revenue of €750M or more.  The proposed CIT is expected to take effect in January 2025. 

The budget statement delivered on Friday, February 17th, 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. 

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

Currency

Dec 02 - Dec 08

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. 

Here you will find information relating to the 2020 - 2021 Budget.

Budget Statement 2020 - 2021

Per the recent Contributory Pensions Temporary Amendment Act 2020, the Department of Social Insurance wishes to advise the public that the employee option of choosing a social insurance contribution suspension will be made effective July 1, 2020, and terminates on June 30, 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. 

Example FAQS

Payroll Tax, levied under the Payroll Tax Act 1995 and the Payroll Tax Rates Act 1995, is a tax on all employers, self-employed persons, and deemed employees on the remuneration paid in the

The following information is for April 2018 – March 2019.  For information on calculating your tax for April 2017 please click here.

Here you will find information relating to the 2017/2018 Budget.

www.gov.bm/articles/budget-press-conference-remarks

The pre-budget report (PBR) is a document produced annually by the Government to provide the public with a better understanding of our fiscal aims and objectives, an update on our economy, a summary of the

The NAMLC provides important and current information related to sanctions to assist you with Bermuda’s Sanctions Regime compliance.

The NAMLC provides important and current information related to sanctions to assist you with Bermuda’s Sanctions Regime compliance.

The NAMLC provides important and current information related to sanctions to assist you with Bermuda’s Sanctions Regime compliance.

To:  All Real Estate Brokers and Agents

The Superintendent of Real Estate hereby advises that existing real estate broker and agent licenses will expire on 30 November 2017. The receipt of real estate license applications will commence on 14 November 2017.

Progressive Payroll Tax 2018-19 FAQ’s

Example FAQS

Budget Statement In support of the Estimates of Revenue and Expenditure 2023 - 2024 presented by the Hon. E. David Burt, JP, MP Premier and Minister of Finance

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 employer and self-employed person who is liable for tax must register with the Office of the Tax Commissioner within seven days of the end of the first tax period in which the employer or self-employed person commences business.

Taxes and other expenses in Bermuda must be paid to the Account General, who receives payments for all of the following:

corporate service tax 

A Hotel Occupancy Tax of 7.25 per cent is charged to all hotel owners in Bermuda in accordance with the Miscellaneous Taxes Act - 1976 and the

Businesses in Bermuda must all pay Payroll Tax. Certain businesses pay additional taxes depending on the industry or service.

A Betting Duty of 20 per cent is charged on all bets made in Bermuda.

Individuals and businesses must pay a duty to get certain official documents stamped. Stamped documents are admissible for legal transactions and proceedings. Unstamped documents will not be received in evidence of any proceedings.

The Office of the Tax Commissioner administers:

With effect from April 1, 2019 all foreign currency purchased by a resident of Bermuda from a local bank is subject to a 1.25 per cent tax.

Any company or individual providing corporate services to an exempted undertaking in Bermuda is required to pay a 7 per cent corporate services tax on the revenue earned.

The Office of the Tax Commissioner may periodically evaluate your tax file.

A Betting Duty of 20 per cent is charged on all bets made, received or negotiated by licenced persons. The duty is charged under the authority of the Betting Act - 1975 and the Miscellaneous Taxes Act - 1976.