On 13 March 2023, Bermuda's Parliament approved the Payroll Tax Amendment Act 2023, which provides for the payroll tax changes announced as part of the Budget Statement for 2023/2024. The changes are summarized as follows:

• The maximum level of remuneration that is subject to payroll tax is increased from BMD 900,000 to BMD 1,000,000;
• For employee payroll tax, the bands and rates are changed f…