Bermuda Lower House Considers Bill to Amend Payroll Tax Act

The Bermudian lower house of Parliament (House of Assembly) March 11 accepted for consideration the Payroll Tax Amendment and Validation Bill, which includes measures to: 1) extend the payroll tax exemption for qualified employers, musicians, and entertainers for tax periods through March 31, 2024; 2) reduce the payroll tax rates to 1.5 percent from 2 percent for taxpayers with annual remuneration up to BD$48,000 (US$48,000); 3) increase the payroll tax rates to 9 percent from 8.5 percent for taxpayers with annual remuneration between BD$48,001 (US$48,001) and BD$96,000 (US$96,000); and 4) validate the waiver of payroll tax liability granted for up ...