Bermuda Issues Guidance on Payroll Tax Calculation, Rates, Thresholds for 2024-25

The Bermudian Government March 27 issued guidance on payroll tax calculation, rates, and thresholds, for the period of April 1, 2024, through March 30, 2025. The guidance includes: 1) new hire relief for exempt companies and all other employers with remuneration greater than B$500,000 (US$500,000), subject to conditions; 2) the unchanged tax cap of B$1 million (US$1 million), with additional remuneration earned beyond B$1 million not subject to tax; 3) the tax thresholds and marginal rates for employers and employees, based on types of taxpayers; 4) the tax payment deadlines of the fifteenth day after the end of each calendar ...