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Bermuda Budget Statement 2020/21 Includes Payroll Tax Changes and Tax Amnesty — Orbitax
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Bermuda Budget Statement 2020/21 Includes Payroll Tax Changes and Tax Amnesty

|Proposed Changes|Bermuda
Bermuda

Bermuda’s Budget Statement for 2020-2021 was presented on 21 February 2020. The main tax measures are in relation to payroll tax and include:

  • A reduction in the employee payroll tax rate for the lower band, with increases in the upper bands:
    • Remuneration of BMD 0 - BMD 48,000, the rate will be adjusted from 4% to 2%
    • Remuneration of BMD 48,001 - BMD 96,000, the rate will be adjusted from 6.5% …

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