Bermuda

Click here to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

• RAB issued an Emergency General Determination prohibiting disconnection from the electric grid if the consumer or a small businesses can demonstrate they have lost their income as a result of the pandemic.
• The Determination also prohibited increasing energy tariffs to small businesses and consumers without RAB’s approval, for the duration of the pandemic.

COVID-19 unemployment benefit:

• Covid-19 unemployment benefit was introduced on 25th March for eligible employees not claiming other forms of financial assistance. The benefit will provide a payment of 60% of gross earnings up to a maximum of $500 a week. The benefit will be available to Bermudians, permanent residents and those work permit holders who cannot leave the island due to travel restrictions. The relief measure was scheduled to run for 12 weeks but is now being reassessed with the potential of extending the time period.

Eligible employees must have been either:

• Laid Off
• Had their employment terminated
• On mandatory medical quarantine without compensation from their employer, or
• Self Employed individuals who are no longer employed as a result of COVID-19

Business relief:

• Government is offering deferment of import duty for business goods for up to six months.
• Businesses that are forced to remain closed will receive a break on their pension, social insurance and payroll tax over the next quarter ending June 30, 2020.

Government fiscal response

Customs duty relief:

• Customs duty relief was made available for Qualifying Personal Protective Equipment, provided the Equipment is used only in connection with disease control.

Main sources of information:

• Unemployment Benefit
• Bermuda Monetary Authority: COVID-19 NOTICE
• Regulatory Authority (COVID-19) Emergency General Determination 2020 (PDF 816 KB)
• Daily press releases and updates on the number of Covid-19 cases
• Bermuda: Extended deadline for country-by-country reporting (COVID-19)
• Bermuda: CRS reporting deadline extended to 15 July 2020 (COVID-19)
• Bermuda relief package for employers and employees
• Bermuda: CRS reporting deadline further extended, to 31 August (COVID-19)
  

CEO: Mike Morrison – mikemorrison@kpmg.bm
Tax: Will McCallum – willmccallum@kpmg.bm
Restructuring:  Charlie Thresh - charlesthresh@kpmg.bm