The budget for the fiscal year April 1, 2005 to March 31, 2006 was presented to Parliament on February 18, 2005. The Minister of Finance announced the following amendments to Payroll Tax rates that take effect from April 1, 2005.

The rate of Payroll Tax for taxpayers with an annual payroll

• less than $200,000 is 7.25%
• between $200,000-500,000 is 10.75%
• greater than $500,000 and up to $1,000,000 is 12.75%.

The rate for exempt undertakings and taxpayers with an annual payroll greater than $1,000,000 is 13.50%.

The rate of tax on remuneration paid to Bermudian trainees on approved training schemes has been reduced from 7.75% to 0%. Taxpayers paying at 10.75% and 12.75% will also be entitled to Special Relief providing they meet the qualifying criteria.

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...back to 17 March 2005


Further information:
Office of the Tax Commissioner website