[Bermuda] Payroll tax concessions and ‘New Hire Relief’ extended

In Bermuda, payroll tax concessions for the hotel and restaurant industry will be extended for at least another six months and ‘New Hire Relief’ will be extended for a further two years, Bernews reports.

Premier David Burt confirmed the decision while delivering the 2022 Budget. He said, “Mr Speaker, since the onset of the pandemic, hotels, restaurants, bars and nightclubs have enjoyed relief from payroll taxes. These payroll tax concessions will be extended for at least another six months to support these businesses, and their employees, as they look to recover during this summer season.

Extension of New Hire Relief

The Premier continued, “In 2018 the Progressive Labour Party Government introduced incentives for businesses to employ more persons in Bermuda. This relief was targeted at international businesses and large local employers to create jobs in Bermuda.

“This New Hire Relief was further extended in 2020, but it is set to expire on March 31 2022. This relief will be extended for a further two years to support hiring in the local economy and is applicable to local and international companies with annual remuneration of $500,000 or more.”

Source: Bernews

(Link and quotes via original reporting)

In Bermuda, payroll tax concessions for the hotel and restaurant industry will be extended for at least another six months and ‘New Hire Relief’ will be extended for a further two years, Bernews reports.

Premier David Burt confirmed the decision while delivering the 2022 Budget. He said, “Mr Speaker, since the onset of the pandemic, hotels, restaurants, bars and nightclubs have enjoyed relief from payroll taxes. These payroll tax concessions will be extended for at least another six months to support these businesses, and their employees, as they look to recover during this summer season.

Extension of New Hire Relief

The Premier continued, “In 2018 the Progressive Labour Party Government introduced incentives for businesses to employ more persons in Bermuda. This relief was targeted at international businesses and large local employers to create jobs in Bermuda.

“This New Hire Relief was further extended in 2020, but it is set to expire on March 31 2022. This relief will be extended for a further two years to support hiring in the local economy and is applicable to local and international companies with annual remuneration of $500,000 or more.”

Source: Bernews

(Link and quotes via original reporting)