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International Sanctions Measures
The Financial Sanctions Implementation Unit (FSIU) helps people and organisations in Bermuda comply with international sanctions. Find the legislation, sanctions lists and the latest sanctions updates.
Taxes for business
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Payroll Tax
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 their business. Taxable remuneration includes the sum of wages/salaries and benefits paid in cash or in kind to employees, self-employed persons, and deemed employees as a result of services provided in Bermuda. The remuneration of a self-employed person or a deemed employee is the total amount taken out of his.
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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...
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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...
Primary Family Homestead Designation for Duty Tax Exemption
Primary family homesteads are exempt from the stamp duty tax that would otherwise be due upon the death of the owner. Any property owner can designate a property for this exemption. If you own more than one property, you can choose one property to receive the exemption. You can only designate residential properties as a primary family homestead. This applies to: a house a condominium another unit used wholly or mainly as a private dwelling The exemption is from the stamp duty chargeable on the..
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...
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...
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
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...
