Bermuda Announces Payroll Tax Rates, Thresholds for 2023-24

The Bermudian Government March 21 announced payroll tax rates and thresholds for 2023-24, effective April 1. The announcement includes: 1) an increase in the maximum remuneration subject to payroll tax for all payroll taxpayers, to BD$1 million (US$1 million) from BD$900,000 (US$900,000); 2) the annual income brackets and progressive rates, starting from a 0.5 percent rate on income up to BD$48,000 (US$48,000), and ending at 12.5 percent for income from BD$500,001 (US$500,001) to BD$1 million; 3) classes of employers not subject to the standard payroll tax rates, and the applicable rates; 4) an exemption for employers from payroll tax on ...