What you need to know about Payroll Tax for 1 April 2017

The Payroll Tax Amendment Act 2017 commenced on 1 April 2017 and it changed the structure of payroll tax into two SEPARATE portions:

The EMPLOYER portion and the EMPLOYEE portion.

Effective 1 April 2017, payroll tax will consist of two separate portions which must be calculated separately and reported by employers on the quarterly tax returns. The sum of the two portions is the total payroll tax payable.

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

Payroll Tax Amendments for 2018

The budget statement read by the Premier and Minister of Finance Mr. David Burt, JP, MP on Friday, February 23, 2018 resulted in the following changes to the application of Payroll Tax: 

What you need to know about Financial Services Tax (FST)

Financial Services Tax is a tax charged on the following financial services providers with rates effective from April 1, 2019:

When there are changes to a commercial property, it is important for the owner or agent to fill out a Commercial Property Changes Form (CPC Form). This is required in order for the department to understand what modifications have been undertaken to each valuation unit and the details of these alterations.

Addresses and House Name Changes

Alterations to Properties

Assessment Numbers

Commercial Units

Complaints Policy

Land Tax

An Important Message from the Office of the Tax Commissioner regarding the upcoming payroll tax filing period for the quarter ended 30 June 2016.

Tax payers are reminded that the amended tax rates effective 1 April 2016 must be used to calculate taxes due for the quarter ending 30 June 2016. Revised return forms are available at the Office of the Tax Commissioner on Church Street or at the Government Cashiers on Parliament Street.

The Cabinet Office is advising that Premier Michael Dunkley has recently written to UK Opposition Leader the Rt. Hon. Jeremy Corbyn, MP, to provide factual information about Bermuda in light of the Leader of the Opposition's recent comments in Parliament about the Island in the wake of the Panama Papers’ release.

Hamilton, Bermuda: Minister of Finance the Honourable E.T. Bob Richards today announces that last week Bermuda signed its Declaration to the Multilateral Competent Authority Agreement for the exchange of Country by Country Reports (“CbC”) after a long period of consultation with industry which began last year. In doing so, Bermuda adopts the OECD's CbC reporting regime, applicable to multinational enterprises ("MNEs"). 

The Office of the Tax Commissioner advises that the E-Tax system has been enhanced to enable tax payers to use their VISA, MASTERCARD and AMERICAN EXPRESS for the payment of payroll tax.

This enhancement has been provided to give tax payers more payment options using the E-Tax system which removes the need for tax payers to wait in line.

The E-Tax facility is convenient, reliable and can be accessed 24/7 via the Government Portal or directly at www.etax.gov.bm

The Office of the Tax Commissioner would like to advise Residential Property Owners of the following important information regarding LAND TAX for the period 1 January – 30 June 2016.

As a result of the decision made on 21 March 2016 in the House of Assembly to retroactively apply adjusted land tax rates effective 1 January 2016, residential property owners should be aware of the following: