Bermuda Reverses Payroll Tax Cut for Smaller Businesses

On 14 September 2026, Bermuda's Senate (upper house of parliament) approved the Payroll Tax Rates Amendment Act 2026, following its approval by the House of Assembly (lower house) on 11 September 2026. The Act reverses the reduction in the employer payroll tax rate for employers with annual payroll below BMD 200,000, which was reduced from 1.0% to 0.5% by the Payroll Tax Amendment and Validation Act 2026 with effect from 1 April 2026. The Payroll Tax Rates Amendment Act 2026 increases the r…