Govt Advisory: Message Circulating False Claims
The Government of Bermuda said they are “aware of a social media and WhatsApp message circulating false claims regarding the implementation of a national income tax and a mandatory survey.”
A Government spokesperson said today that the “assertions in the message are completely unfounded.”
The Government spokesperson said, “There are no plans to introduce a national income tax in Bermuda. Any claims suggesting otherwise are intended to cause unnecessary alarm. The Government is committed to fiscal responsibility and transparency, and any changes to the tax system would be communicated openly and through official channels.”
“The correct name of the survey referred to is the “Household Income and Expenditure Survey”. This very important survey has been in progress since June, and is needed to update the Consumer Price Index and is not related in any way to the new Corporate Income Tax [CIT]. Households selected are required to participate, and more information on the survey can be found here: https://www.gov.bm/articles/2024-household-income-and-expenditure-survey-crucial-bermudas-residents
The spokesperson continued, “Furthermore, the new CIT, planned for implementation in 2025, only applies to large multinational corporations with revenues exceeding €750 Million, not to individuals. This is part of Bermuda’s compliance with international tax standards. In fact, the Tax Reform Commission is actively reviewing ways to reduce existing taxes to lower costs for local businesses and residents. This after the Government already reduced payroll taxes for the overwhelming majority of Bermudians to the lowest level in this country’s history.
“Lastly, the Government understands that in this fast-paced information driven environment where social media messages can quickly spiral, this particular one circulating today on this matter is completely false. The Government takes this opportunity to remind residents to please remain vigilant in scrutinizing unofficial and unverified information on social media, this includes WhatsApp. Only trust official information from the Government’s verified communications channels.”
For more information about the government’s Corporate Income Tax, visit https://www.gov.bm/CIT.
“false claims regarding the implementation of a national income tax and a mandatory survey”
I thought implementation of income tax and a mandatory wealth survey were PLP policy.
We do effectively have an income tax, it is called payroll tax.