Bermuda Lower House Considers Bill to Amend Payroll Tax Act 1995

The Bermudian lower house of Parliament (House of Assembly) March 8 accepted for consideration a draft bill to amend provisions giving qualified employers relief from their portion of payroll taxes for qualifying employees. The bill includes measures to: 1) change the applicable dates for the new hire waiver relief for qualifying employers with an annual payroll of over BD$500,000 (US$500,000) to tax periods starting on April 1, 2024, and ending on March 31, 2026; 2) amend the hiring and employment dates in the definition of a “qualifying employee” to reflect the new dates; and 3) repeal obsolete provisions. [Bermuda, Parliament, ...