Payroll Tax Amendment Act

What this bill does

This bill makes two main changes to Bermuda's payroll tax rules. It extends a tax break for employers who hire new workers for one more year (until March 2022), and it allows the Finance Minister to give the Tax Commissioner power to approve various insurance and retirement schemes instead of having to approve them personally.

If passed (voted YES)

• Employers will continue to get tax relief when they hire new qualifying employees until March 31, 2022 (extended from March 2021)
• The Tax Commissioner can approve health insurance, life insurance, retirement schemes, and training programs without waiting for the Minister's personal approval, making the process faster
• Businesses may find it quicker and easier to get their employee benefit schemes approved

If rejected (voted NO)

• The new hire tax relief for employers would expire on March 31, 2021, potentially making it more expensive for businesses to hire new workers
• Only the Finance Minister could approve insurance and retirement schemes, which might create delays in the approval process
• The current system would remain unchanged with no administrative improvements

Who it affects

This mainly affects employers in Bermuda who want to hire new workers or set up employee benefit schemes like health insurance and retirement plans. It also affects the Tax Commissioner's office by potentially giving them more authority to handle approvals.