Bermuda 2023/2024 Budget Statement Includes Payroll Tax Changes and Plans for Global Minimum Tax

Bermuda's Budget Statement for 2023/2024 was presented on 17 February 2023. The main tax changes concern payroll tax. For employee payroll tax, this includes a change from four bands and rates to five as follows:

• up to BMD 48,000 - 0.5%
• BMD 48,001 to 96,000 - 9.25%
• BMD 96,001 to 200,000 - 10.0%
• BMD 200,001 to 500,000 - 11.5%
• BMD 500,001 to 1,000,000 - 12.5%

For employer payroll taxes, the rates are as follows:

• Annual payroll below BMD 200,000 - 1.00% (reduced from 1.75%)
• Annual payroll o…