Bermuda 2018-2019 Budget Tax Measures

Bermuda’s Budget Statement for 2018-2019 was presented on 16 February 2018. The main tax and business-related aspects of the Budget include:

• Payroll Tax:
  • The lowest employee band will be reduced from 4.75% to 4%;
  • Deemed employees who earn income partly or wholly through sharing the profits of the business instead of only through salaried remuneration will need to declare all income received, on a cash basis, instead of the current system of notional salaries for payroll tax purposes;
  • Certa…