Payroll tax to increase
February 27th, 2010Bermuda’s Finance Minister Paula Cox delivered the government’s budget statement for 2010/11 this morning.
The standard rate of payroll tax will increase by 2 percent to 16 percent; the proportion payable by employees will rise 1 percent to 5.75 percent. The salary cap for payroll tax will increase from $350,000 to $750,000.
Other tax changes include a doubling of foreign currency purchase tax, a 5 percent increase in the cost of motor vehicle licences, and increases in stamp duty.
Tags: Government, Minister Of Finance, Paula Cox, Tax
