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BM Tax 2024

iCalculator™ BM: Bermuda Tax Calculators

Welcome to iCalculator™ BM, your comprehensive suite of free tax calculators for Bermuda. iCalculator™ has provided free tax calculators for Bermuda since 2019. Since those early days we have extended our resources for Bermuda to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Bermuda Tax Calculator and salary calculators within our Bermuda tax section are based on the latest tax rates published by the Tax Administration in Bermuda. In this dedicated Tax Portal for Bermuda you can access:

Bermuda Tax Calculator 2024/25

The Bermuda Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Bermuda. This includes calculations for

  1. Employees in Bermuda to calculate their annual salary after tax.
  2. Employers to calculate their cost of employment for their employees in Bermuda.
Bermuda Tax Calculator 2024
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Advanced Bermuda Salary Calculator
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Discover Bermuda

Bermuda, often referred to as the "Jewel of the Atlantic," is a British Overseas Territory located in the North Atlantic Ocean. It is situated approximately 1,035 kilometers (643 miles) east-southeast of Cape Hatteras, North Carolina, and 1,239 kilometers (770 miles) southeast of New York City. Bermuda is an archipelago consisting of numerous islands and islets, with the main islands being connected by bridges and causeways. The island nation is known for its stunning pink-sand beaches, crystal-clear waters, and vibrant coral reefs.

For information on its neighboring countries, visit the United States and Canada.

Economy of Bermuda

Bermuda boasts a prosperous and stable economy that is driven by several key sectors. The island nation is renowned as a global financial hub, attracting international businesses and insurance companies. Its political stability, well-regulated financial sector, and absence of direct taxation make it an attractive destination for offshore businesses.

Additionally, tourism plays a significant role in Bermuda's economy. The island's natural beauty, historic sites, and warm climate make it a popular vacation destination. Tourists are drawn to activities such as snorkeling, golf, and exploring the island's rich cultural heritage.

Agriculture and fishing also contribute to Bermuda's economy, with the island producing a variety of fresh fruits and vegetables and supporting a fishing industry.

Cultural and Historical Aspects

Bermuda has a diverse and vibrant culture influenced by its British colonial heritage and its geographic location in the Atlantic Ocean. English is the official language, and British traditions are prevalent, including afternoon tea and cricket. The island's unique blend of cultures is also reflected in its cuisine, with a mix of British, Caribbean, and international flavors.

Historically, Bermuda has played a significant role in maritime trade and naval history. Visitors can explore historic forts and museums that showcase the island's maritime heritage.

The Bermuda Gombey dancers are a notable cultural attraction, known for their colorful costumes and energetic performances. They represent a fusion of African, Native American, and British influences.

Bermuda's economy thrives on its status as a global financial center and a sought-after tourist destination. The combination of natural beauty, economic stability, and cultural richness makes Bermuda a unique and prosperous nation in the Atlantic Ocean.

Overview of Taxation in Bermuda

Bermuda is known for its unique taxation system, characterized by the absence of direct taxes such as income tax, capital gains tax, and value-added tax (VAT). This tax-friendly environment has contributed to the island's reputation as a global financial hub and a preferred destination for international businesses and high-net-worth individuals.

Instead of direct taxes, Bermuda relies on indirect taxes and fees to generate revenue. One of the primary sources of income for the Bermudian government is customs duties and tariffs on imported goods. These charges help fund public services and infrastructure development.

For individuals and businesses, this tax structure means that they can enjoy financial benefits without the burden of traditional income taxation. However, it's essential for residents and companies to stay informed about the specific tax regulations and compliance requirements that apply to their activities on the island.

To access the most up-to-date information on taxation in Bermuda, including valuable tax tools and tax tables for effective tax planning and compliance, visit our comprehensive Tax Hub. This resource serves as a valuable tool for understanding the tax system of Bermuda and ensuring compliance with applicable regulations.