Bermuda's 2016-2017 Budget Statement was presented on 19 February 2016. The main tax related measures include:
- Increasing the payroll tax to from 14.5% to 15.5% in 2016/2017 (amount recoverable from employees increased from 5.5% to 6.0%), and restructuring the payroll tax system with a more progressive system to be implemented in 2017/18;
- Introducing a new General Services Tax at rate of 5% from 1 April 2017 (at the earliest) with an exemption for banking, insurance and health care services,…