Effective 1 April 2017, Bermuda has introduced a new financial services tax and changes to the payroll tax as part of the 2017/2018 Budget.
Financial Services Tax
The new financial services tax is introduced by the Financial Services Tax Act 2017, which was enacted 28 March. The tax applies at the following rates depending on the nature of the financial service provider:
- In the case of a bank, 0.005% of its consolidated gross assets as at the end of a tax period;
- In the case of a domest…