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Since 1972, Bermudian law has required that local businesses charge prices in Bermudian dollars which, if paid in US dollars, must be accepted at a rate of 1:1. Only banks are legally allowed to exchange Bermudian dollars into US dollars or other currencies, subject to a 1.25% Foreign Currency Purchase Tax (some banks also charge an exchange fee).
Generally, Bermuda tax law is generous in its treatment of non-Bermuda assets, which include foreign currencies even where held at Bermuda banks. There is usually no tax charge in Bermuda (for example, to Stamp Duty) on settling non-Bermuda assets into trusts, nor on the income those assets produce, nor on their sale, nor on their distribution ...
Bermuda is considered a tax haven; however, Bermuda does levy a number of taxes, such as a payroll tax on employers [1] and land taxes. [2] [3] There is no corporate income tax in Bermuda, and a company is considered a tax resident of Bermuda if it is incorporated in the country. [4] Bermuda has not entered into any double tax agreements.
Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017.
The Authority develops risk-based financial regulations that it applies to the supervision of Bermuda's banks, trust companies, investment businesses, investment funds, fund administrators, money service businesses and insurance companies. It also licenses companies and regulates the Bermuda Stock Exchange.
Bermuda has little in the way of exports or manufacturing, and almost all manufactured goods and foodstuffs must be imported. The value of imports continues to rise, up from US$551m in 1994 to US$712m in 1999. The U.S. is Bermuda's primary trading partner; from a value of US$400m in 1994, U.S. imports expanded to US$533m in 2000.
The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective ...
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