Bermuda Consulting on Pre-Budget Report for 2023-2024 Including Payroll Tax Changes

Bermuda has published the Pre-Budget Report in advance of the fiscal year 2023-2024. The main proposed tax changes concern payroll tax, including an exemption on income up to BMD 48,000 and other adjustments for employee payroll tax as follows:

• up to BMD 48,000 - 0% (reduced from 1.5%)
• BMD 48,001 to 96,000 - 10% (increased from 9%), the rate will be adjusted from 6.5% to 8.5%
• BMD 96,001 to 235,000 - 11.5% (increased from 9%)
• BMD 235,001 to 900,000 - 13% (increased from 9.5%)

Several adjus…