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In its annual budget last week the government of Bermuda increased most forms of taxation including a 0.5% increase in the level of payroll tax, bringing the total to 14.5%, with the additional burden split equally between employers and employees. The rate payable by employees increased from 5.25% to 5.5%, leaving 9% payable by employers, up from 8.75%. (Still significantly lower than the typical level of job title tax… ahem sorry, what was I thinking… “work permit fee” in the Cayman Islands).

One other  tidbit of note is that the island added 161 jobs in the “International Business Sector”, which is certainly a promising sign, though the financial intermediation and business services sectors undid this and then some, shedding a combined 407 jobs.

Here are the other headlines and links to the Bermuda Gazette articles:

Taxes up, spending down

Specter of [civil service] job losses raised

Bermuda forced to borrow $125 million more

Island tipped to [finally] emerge from [six year] recession


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