Bermuda Introduces Payroll Tax Relief for Newly Established Businesses

The Bermuda Government has announced the introduction of payroll tax relief for first-time entrepreneurs. For any new business owners who register with the Bermuda Economic Development Corporation (BEDC) and meet certain conditions, an exemption is provided from the employer portion of payroll tax for the entrepreneur and any employees they hire for the first year of business. The general conditions for the exemption include:

• The business is a new business established after 1 April 2018 tha…