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Payroll Taxes

From "Suggestions to stimulate economic recovery for Bermudians once Shelter in Place ends"

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Although offering lower interest loans could help some businesses, it’s taking on an added cost at a time when we will be rebuilding our business. If the government could lower the employer percentage of payroll taxes for the rest of 2020, it could help in making sure we retain all our staff, thereby avoiding increased unemployment.

Losing 6-8 weeks of business is a very difficult thing to catch up on and some interim help in the form of reduced payroll tax, would help get us back on our feet and be able to pay wages to our staff and help a small business to survive. It’s a difficult time for everyone and without any help to get us over this closure period, we feel a lot of small to medium size businesses will not make it.

thank you for your consideration and providing the Forum for us to post suggestions.

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Posted by:unknown author
6 years ago
Mmm Susan you are intelligent... In addition I want to know if most or if not all employees of companies needing financial help. To be specific $500 or 60% of an employee's salary. This is a question who is paying for pension, health insurance and other deductions and etc??
    Profile of Gereen Albouy
    Posted by:Gereen Albouy
    6 years ago
    If a Company hasn't earned any income, wouldn't you report NIL return?
      Profile of Planter Research
      Posted by:Planter Research
      6 years ago
      I have to say if it is to be a reduction in payroll tax it would have to be reflected on both employer and employee to be effective. What’s good for the goose is good for the gander!
        Profile of Quinell Francis
        Posted by:Quinell Francis
        6 years ago
        Susan, this is a great idea, and I think that it would be ideal for payroll tax to be revisited and adjusted to assist the small businesses. In addition, all taxes should be reviewed and amended to assist with getting persons back to work.
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        Profile of Susan TernentSusan Ternent on April 16, 2020

        Current status

        proposed