On 18 March 2022, Bermuda's parliament passed the Payroll Tax Amendment and Validation Act 2022 in its second and third reading, which must now be published in the Official Gazette. The measures of the Act include:
- The adjustment of the rates of the employee portion of payroll tax for the following brackets (bands):
- up to BMD 48,000 - rate reduced from 2.0% to 1.5%
- BMD 48,001 up to 96,000 - rate increased from 8.5% to 9.0%
- An extension of the new hire relief for qualified employers and th…