How does Bermuda save businesses today?
The government of Bermuda, in connection with the difficult economic situation, immediately introduces several temporary emergency measures. The main goal is to help enterprises survive a difficult period.
With the immediate entry into force, the following measures will be taken:
- For enterprises that need help and extra time, the deadline for filing payroll tax will be extended from April 15, 2020 to April 30, 2020.
- All penalties/fees that may be imposed during this period will be waived.
- In the event of significant financial loss, the company may request an extension after April 30, 2020.
- For enterprises that require additional time, the deadlines for filing corporate service tax will be extended from April 15, 2020 to April 30, 2020.
- On request, fees included in the State Duty Rules can be deferred or canceled.
- According to the law, all late payments and penalties related to any state duties or taxes may be delayed or canceled.
- To the above measures, the government is considering and will soon announce other measures to provide even greater assistance to the most vulnerable sectors of the economy.
We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.