The Bermudian lower house of parliament (House of Assembly) March 8 accepted for consideration a draft bill to amend payroll tax law and rates. The bill includes measures to: 1) increase the maximum remuneration subject to payroll tax for all payroll taxpayers, to BD$1 million (US$1 million) from BD$900,000 (US$900,000); 2) adjust the annual remuneration bands and progressive rates, to start from 0.5 percent for up to BD$48,000 (US$48,000), and end at 12.5 percent for BD$500,001 (US$500,001) to BD$1 million; 3) adjust the classes of employers not subject to the standard payroll tax rates, and adjust the applicable rates; and ...
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