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.


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

© 2022 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us