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

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% to 8.5%
  • Remuneration of BMD 96,001 - BMD 235,000, the rate will be adjusted from 7.75% to 9.0%
  • Remun…