Payroll Tax Rates Amendment Act 2005
PAYROLL TAX RATES AMENDMENT ACT 2005

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BERMUDA

2005 : 2

PAYROLL TAX RATES AMENDMENT ACT 2005

Date of Assent: 18 March 2005

Operative Date: 1 April 2005

WHEREAS it is expedient to amend the Payroll Tax Rates Act
1995:

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Short title
1 This Act, which amends the Payroll Tax Rates Act 1995 (the
"principal Act"), may be cited as the Payroll Tax Rates Amendment Act
2005.

Amends section 4 of principal Act
2 Section 4 of the principal Act is amended by inserting next after
subsection (1) the following—

" (1A) 0% is prescribed as the rate for an employee specified in
section 9(2)(a)."

PAYROLL TAX RATES AMENDMENT ACT 2005

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Amends section 5 of principal Act
3 Section 5 of the principal Act is amended—

(a) in Class B, by deleting "$100,000" from item (f) and
substituting "$200,000";

(b) by deleting the descriptions and rates of tax specified
under the Heading "Class BB" and substituting the
following descriptions and rates of tax therefor—

"Class BB Rate

Employer with an annual payroll
of not less than $200,000 and
not more than $500,000 10.75%

Employer with an annual payroll
of more than $500,000 and
not more than $1,000,000 12.75%."

Amends section 20A of the Payroll Tax Act 1995
4 Section 20A(1) of the Payroll Tax Act 1995 is amended —

(a) by deleting the word "and" from the end of paragraph (a);

(b) by deleting the full stop from paragraph (b) and inserting
"; and" ; and

(c) by inserting the following paragraph after paragraph
(b)—

"(c) referred to in section 10 of this Act as read with
section 5 Class BB of the Rates Act."

Commencement
5 This Act shall come into operation on 1 April 2005.

PAYROLL TAX RATES AMENDMENT ACT 2005

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