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
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 3712, 1801 K Street NW, Washington, DC 20006.