Alerts

  • Marine and Ports reminded that the catamaran ferries are an efficient, cost effective and scenic way to commute to Hamilton, particularly from the West End. The Department encourages the public to consider utilizing the fast ferries and invites the public to review the complete ferry schedule online at Summer Ferry Schedule 2018.

Timesharing Taxes

Timesharing Services Tax

Introduced with effect from January l982, Timesharing Services Tax is charged on the managing agent of a timesharing property as a percentage of the membership and maintenance fees charged in respect of the operational and maintenance costs of the timesharing scheme.

Timesharing Services Tax is charged under the authority of the Miscellaneous Taxes Act l976 and the Miscellaneous Taxes (Rates) Act l980.

The tax is charged at the rate of 5 per cent and is payable on a monthly basis.

If tax, further tax, or additional tax is not paid at or before the time fixed by or under the legislation, a penalty for late payment will be levied. The penalty is 5 per cent of the tax due, for each month or part of a month that the tax is unpaid or underpaid, to a maximum of 30 per cent. An additional tax equivalent to the amount of tax may also be levied.

Timesharing Occupancy Tax

Introduced with effect from 1 August l981, Timesharing Occupancy Tax is charged on the developing owner of a timesharing property as a percentage of the purchase price of each timesharing interval. The tax is chargeable on the initial purchase and the resale of each interval.

Timesharing Occupancy Tax is charged under the authority of the Miscellaneous Taxes Act l976 and the Miscellaneous Taxes (Rates) Act l980.

The tax is charged at the rate of 10% and is payable within a specified period of the sale/resale of each timesharing interval.

If tax, further tax, or additional tax is not paid at or before the time fixed by or under the legislation, a penalty for late payment will be levied. The penalty is 5 per cent of the tax due, for each month or part of a month that the tax is unpaid or underpaid, to a maximum of 30 per cent. An additional tax equivalent to the amount of tax may also be levied.

Note: the information contained on this page is merely a guide for the taxpayer and is not a comprehensive statement of the Legislative requirements. These requirements are contained primarily in the Miscellaneous Taxes Act 1976, the Taxes Management Act 1976 and the Miscellaneous Taxes (Rates) Act 1980 as amended which can be found on the Bermuda Laws website.

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