Introduced with effect from January l982, Timesharing Services Tax
is charged on the managing agent of a timesharing property as a percentage
of the membership and maintenance fees charged in respect of the operational
and maintenance costs of the timesharing scheme.
Timesharing Services Tax is charged under the authority of the Miscellaneous
Taxes Act l976 and the Miscellaneous Taxes (Rates) Act l980.
The tax is charged at the rate of 5% and is payable on a monthly
basis.
If tax, further tax, or additional tax is not paid at or before the
time fixed by or under the legislation, a penalty for late payment
will be levied. The penalty is 5% of the tax due, for each month or
part of a month that the tax is unpaid or underpaid, to a maximum of
30%. An additional tax equivalent to the amount of tax may also be
levied.
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Introduced with effect from 1st August l981, Timesharing Occupancy
Tax is charged on the developing owner of a timesharing property as
a percentage of the purchase price of each timesharing interval. The
tax is chargeable on the initial purchase and the resale of each interval.
Timesharing Occupancy Tax is charged under the authority of the Miscellaneous
Taxes Act l976 and the Miscellaneous Taxes (Rates) Act l980.
The tax is charged at the rate of 10% and is payable within a specified
period of the sale/resale of each timesharing interval.
If tax, further tax, or additional tax is not paid at or before the
time fixed by or under the legislation, a penalty for late payment
will be levied. The penalty is 5% of the tax due, for each month or
part of a month that the tax is unpaid or underpaid, to a maximum of
30%. An additional tax equivalent to the amount of tax may also be
levied.
Note
The information contained on this page is merely a guide for the
taxpayer and is not a comprehensive statement of the Legislative requirements.
These requirements are contained primarily in the Miscellaneous Taxes
Act 1976, the Taxes Management Act 1976 and the Miscellaneous Taxes
(Rates) Act 1980 as amended. Bermuda Laws Online can be
accessed at www.bermudalaws.bm.
Enquiries
Further enquiries may be made by contacting
us.
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