Bermuda's 2016-2017 Budget Statement was presented on 19 February 2016. The main tax related measures include:

• Increasing the payroll tax to from 14.5% to 15.5% in 2016/2017 (amount recoverable from employees increased from 5.5% to 6.0%), and restructuring the payroll tax system with a more progressive system to be implemented in 2017/18;
• Introducing a new General Services Tax at rate of 5% fr…