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 the special provision for musicians and entertainers to 31 March 2024 (from 31 March 2022); and
The introduction of a provision to validate any waivers of payroll tax liability granted by or on behalf of the Minister of Finance since 15 July 2020 for any period up to 30 September 2022, as a result of the exceptional circumstances resulting from the declaration of a public health emergency in Bermuda for COVID-19.
The Payroll Tax Amendment and Validation Act 2022 is operative from 1 April 2022.