Bermuda Consolidated Legislation

BERMUDA
1973 : 44

EMPLOYMENT TAX (RATES) ACT 1973

ARRANGEMENT OF SECTIONS

1 Interpretation

2 This Act and Employment Tax Act 1973 to be read together

3 Rate of tax

4 Lower rate of tax for ho tels and restaurants

5 Maximum assessment of notional remuneration prescribed in accordance with section 12(4) of prin cipal Act

6 Amount which may be deducted prescribed in accordance with section 13 of principal Act

7 Refunds and remissions for small businesses

8 Fixed price contracts [omitted]

[25 April 1973]

[preamble and words of enactment omitted]

Interpretation

1 In this Act "the Act" means the Employment Tax Act 1973 [title 14 item 36].

This Act and Employment Tax Act 1973 to be read together

2 This Act shall be read as one with the Act.

Rate of tax

3 Subject to the provisions of this Act the rate at which employ ment tax shall be charged pursuant to both Part II and Part III of the Act shall be five per centum.

Lower rate of tax for hotels and restaurants

4 Notwithstanding section 3, where the person chargeable to em ployment tax is carrying on business as —

(a) an hotel as defined for the purposes of the Hotels (Licensing and Control) Act 1969 [title 17 item 2]; or

(b) a restaurant as defined for the purposes of the Restau rant Act 1961 [title 13 item 37],

employment tax shall be charged at the rate of two per centum in relation to any activities attributable to the carrying on of such busi ness.

Maximum assessment of notional remuneration prescribed in accor dance with section 12(4) of principal Act

5 The amount prescribed as the maximum assessment of notional remuneration in accordance with section 12(4) of the Act shall be four thousand dollars a tax period.

Amount which may be deducted prescribed in accordance with sec tion 13 of principal Act

6 The amount prescribed as the amount which may be deducted in accordance with section 13 of the Act shall be one thousand dollars a tax period.

Refunds and remissions for small businesses

7 The amount prescribed for the purposes of obtaining a refund or remission of employment tax in accordance with section 14 of the Act shall be eighteen thousand dollars in any financial year.

Fixed price contracts

8 [omitted]