Tuesday, March 13, 2018
Bermuda's lower house has passed a bill temporarily raising the rate of land tax on commercial properties from seven to 12 percent.
The bill, which now awaits Senate approval, increases land tax rates for one year only from July 1, 2018, to July 1, 2019. Properties in the Economic Empowerment Zones are exempt from the temporary increase.
The rate rise was announced in Bermuda's 2018 Budget last month by island Premier, David Burt, who explained it is only temporary while the island's Tax Reform Commission looks at commercial rents and the income earned from 20 commercial properties whose income is not currently subject to taxation.
The rate rise is forecast to generate an additional USD15m in revenue.