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.
Corporate Services Tax
Any company or individual providing corporate services to an exempted company in Bermuda is required to pay a Corporate Services Tax.
Foreign Currency Purchase Tax
All foreign currency purchased by a resident from a local bank is subject to a 1 per cent tax.
Hotel Occupancy Tax
A Hotel Occupancy Tax of 7.25 per cent is charged to all hotel owners in Bermuda.
The commercial rate of Land Tax is calculated at a flat rate of 7% a year based on the assessed Annual Rental Value in the Land Valuation List.
Passenger Taxes are charged to all passengers departing or arriving from or to Bermuda on aircraft, ships, or private vessels.
All companies and self-employed persons are required to pay Payroll Taxes in Bermuda.
Stamp Duty Tax
Any business or individual must pay a duty to get certain official documents stamped.
Persons operating timeshare properties are subject to Timesharing Services Tax and Timesharing Occupancy Tax.