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: