Bermuda: Tax measures in 2022-2023 budget

The 2022-2023 budget did not include any tax increases.

The 2022-2023 budget did not include any tax increases.

The 2022-2023 budget—presented 25 February 2022—did not include any tax increases, and there were no significant changes in duties or fees in other areas. If the projected deficit for 2021-2022 is below an estimate, 50% of this saving will be used to reduce fuel import taxes.

Regarding payroll taxes, the budget proposes—

  • Payroll tax concessions for hotels and the restaurant industry to continue for another six months to the end of September 2022
  • New hire relief for large international and local employers to be extended through 31 March 2024
  • Payroll tax rates to be reduced for workers earning less than $96,000*

Regarding other taxes and tax relief—

  • Supplementary unemployment benefit to be extended through 31 August 2022 to provide support for unemployed persons who do not qualify for financial assistance
  • Voluntary one-time pension withdrawal of up to $6,000 to be extended for one more year
  • Vehicle licensing fees for all private cars to be reduced by 10%

Regarding land valuation and the related taxation—

  • Registered charities that earn the majority of their funds from donations to be exempt from land taxes
  • Land taxes to be removed from registered care homes

Read a March 2022 report [PDF 629 KB] prepared by the KPMG member firm in Bermuda

$=Bermudian dollar

 

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