Ministry Of Finance Advisory On Payroll Tax/Fees
The Government expects “to the extent possible, businesses will file and pay taxes as normal” however for businesses that need relief and additional time, the Payroll Tax filing deadline will be extended from April 15th until April 30th, current penalties/fees that would normally apply for that period will be waived, and upon request fees included in the Government Fee Regulations may be deferred or waived.
A Government spokesperson said, “In taking note of the current economic conditions, the announcement of the 14 day ‘shelter in place’ and the possible social consequences, the Bermuda Government will immediately institute several temporary emergency measures to assist businesses that have a pressing need for financial relief.
“The Government expects that Payroll Taxes for the period January to March 2020 due April 15th, 2020, to the extent possible, businesses will file and pay taxes as normal.
“However, with effect immediately, the following measures will be instituted:
- “For Businesses that need relief and additional time, the Payroll Tax filing deadline will be extended from April 15th, 2020 until April 30th, 2020.
- “Current penalties/fees that would normally apply for that period will be waived.
- “In instances of significant financial distress Business may request extensions beyond April 30th, 2020.
- “For Businesses that need additional time, Corporate Service Tax filing deadlines will be extended from April 15th, 2020 until April 30th, 2020.
- “Upon request, fees included in the Government Fee Regulations may be deferred or waived.
- “To the extent permissible by legislation all late fees and penalties related to any government fees or taxes may be deferred or waived.
“In addition to the above measures, Government is considering, and will soon announce other relief measures to assist the most vulnerable sectors in the economy.”
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- Live: Our continuously updated live blog here
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Officials are urging everyone to please follow all guidance like washing your hands, adhering to self quarantine if relevant, and practicing social distancing, and they have asked that if it is not urgent, a necessity or work, to please stay home to prevent the spread of the coronavirus.
