Ministry of Finance: relief measures
Temporary tax and fee breaks have been rolled out by the Bermuda Government for businesses in need of financial relief.
The Ministry of Finance announced this afternoon that payroll taxes for January to March, due on April 15, should be filed as normal “to the extent possible”.
A spokeswoman said the following measures would go into immediate effect:
• For businesses needing extra time, the payroll tax filing deadline will be extended from April 15 to April 30;
• Penalties or fees that would normally apply for that period will be waived;
• For “significant financial distress”, business may request extensions beyond April 30;
• For businesses needing additional time, the deadline for corporate service tax filing will be extended from April 15 to April 30;
• On request, fees included in the Government Fee Regulations may be deferred or waived;
• To the extent permissible, all late fees and penalties related to any government fees or taxes may be deferred or waived.
Other relief measures in the works to help the most vulnerable sectors of the economy will be announced “soon”, the spokeswoman added.