Gov Mulls Waiving Payroll Tax For Restaurants
In a meeting held earlier this week, delegates of the Restaurant Division of the Bermuda Chamber of Commerce met with senior Ministry officers to follow up on concerns about the “tremendous financial challenges” that the Restaurant Division finds themselves under. Minister of Finance Paula Cox said the Government is considering signing a Memorandum of Understanding with the Restaurant Division to offer them a temporary deferral of payroll tax
Minister Cox`s full statement follows below:
All restaurants are going through a particularly difficult situation and the Ministry is considering signing a Memorandum of Understanding with the Restaurant Division of the Bermuda Chamber of Commerce in connection with a temporary deferral of payroll tax. This temporary deferral will apply to all restaurants and will not be limited to members of the Restaurant Division of the Bermuda Chamber of Commerce.
The Restaurant sector is a vital component of Bermuda’s economy and provides several important employment opportunities. The Ministry of Finance is keen to assist the restaurants during these difficult times which will hopefully facilitate this sector’s return to a sound financial footing in the not too distant future. Another significant aspect of this deferral is to assist employers in this sector to maintain current employment levels.
Thanks for the update Bernews.
Of course Resturants are being hit hard. The ecconomy is in the crapper, the ‘cruisers’ eat on board and the recession has it’s grip.
Good spin there by the Minister.
Too bad there no codfish to hit the fan.
‘Build it, they will come’.
It’s there, few are comming except for the warmth and sun and free food 24/7.
I never saw the Movie “Total Recall” but I can assure you when the time is right there should be a “Total Recall” so out children can move on and heal the wounds that we have inflicted upon them mostly for self gain.
I played my part and did my best thats all I can say.
Happy Cup Match and hope all look out for each other.
I don’t care who wins the cup. I care that the cup is shared and it’s contents.
Bon Noit………………………