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Bermuda

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About

Bermuda

Capital
Official languages
Population 
Currency

ISO 4217

Hamilton

English

61,370

Bermudian Dollar

BMD

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Economy

Bermuda has a strong and stable economy, with a GDP of $5.7 billion in 2019. The country has a low unemployment rate of 4.2%, and a high per capita income of $87,000. The country is a major financial center, with a large number of international banks and insurance companies based there. The tourism industry is also a major contributor to the economy, with over 1.3 million visitors in 2019. The government has implemented a number of initiatives to promote economic growth, including tax incentives for businesses and foreign investment. The country also has a strong infrastructure, with good roads, ports, and airports. Overall, Bermuda has a strong and stable economy, with a high standard of living and a strong financial sector.

Taxation

Bermuda has a tax system that is designed to encourage foreign investment and promote economic growth. Below is an overview of the taxation system in Bermuda for both corporate and personal tax:


Corporate Taxation:


- Corporate income tax rate: 0%. Bermuda does not have a corporate income tax. Instead, companies in Bermuda are subject to payroll taxes, which are based on the salaries and wages they pay to employees.


- Payroll tax: Employers are required to pay payroll tax on the salaries and wages they pay to employees. The payroll tax rates vary depending on the industry, but generally range from 7.25% to 8.25%. 


Personal Taxation:


- Personal income tax rate: 0%. Bermuda does not have a personal income tax.


- Payroll tax: Employees are required to pay payroll tax on their salaries and wages. The payroll tax rates vary depending on the industry, but generally range from 5.5% to 10%. 


Process and Calendar for Payments:


- Payroll taxes are paid quarterly to the Bermuda Government. The due dates for these payments are:


  - April 15th

  - July 15th

  - October 15th

  - January 15th


- Employers are required to file a payroll tax return along with the payment. 


- Employees have their payroll taxes deducted from their salaries and wages by their employers. 


- There are no other taxes in Bermuda, such as value-added tax (VAT), sales tax, or capital gains tax.


It is important to note that the tax laws in Bermuda can be complex, and companies and individuals are advised to seek professional advice to ensure compliance with the tax regulations.

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