Bermuda: Tax proposals in 2021-2022 budget

Bermuda: Tax proposals in 2021-2022 budget

The 2021-2022 budget—presented on 26 February 2021—includes certain tax measures. In general, the budget does not propose significant tax changes.

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In the budget 2021-2022:

  • There are no proposed changes to the payroll tax rates.
  • Payroll tax relief and tax incentives to foster job growth are to be extended to March 2022.
  • Payroll tax revenues are predicted to constitute 44.8% of total budgeted revenues.
  • Customs duty relief for renovation and refurbishment of retail stores would be extended to March 2026.
  • There are no increases to land taxes proposed. The current 2015 land valuations would remain in place for an additional 10 years.
  • There are proposed increases with regard to the fee structure of the Registrar of Companies to support modernization. Details of the changes are to be provided later in the year.


Read a March 2021 report [PDF 313 KB] prepared by the KPMG member firm in Bermuda

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