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…