On 11 March 2019, Bermuda's House of Assembly (lower house of parliament) approved a bill entitled the Financial Services Tax Amendment Act 2019, which amends the tax rates provided in the Financial Services Tax Act 2017. This includes:
- An increase in the financial services tax rate for banks from 0.005% to 0.0075%
- An increase in the financial services tax rate for domestic insurers from 2.5% to 3.5%.
The exclusion for certain premiums for domestic insurers is also expanded to include pre…