Hashtag: #2016Budget

Column: Richards On Budget, Economics & More

Column: Richards On Budget, Economics & More

[Opinion column written by Sylvan Richards] Since being elected to Parliament in 2012, I’ve been present at every single budget speech and reply to the budget speech given since that time. On each occasion, I have been struck by the irony of the Progressive Labour Party, whose disastrous bungling of the economy got us into this mess in the first... Read more of this article

Tourism Authority Clarify 2016 Budget Increase

Tourism Authority Clarify 2016 Budget Increase

The 2016 Budget said there will be a $5.3 million increase for the BTA’s budget and “while it’s true there is an increase for the BTA’s resources this year, the size of that increase is about half what the Finance Minister projected,” the BTA said, adding they created an infograph to help “understand the reasons for the discrepancy... Read more of this article

Podcast: Shadow Finance Minister David Burt

Podcast: Shadow Finance Minister David Burt

A small percentage of Government pension investments could be diverted into overseas companies to get them to set up in Bermuda. That is according to Shadow Finance Minister David Burt who was speaking to Bernews in this latest podcast about his Reply to the Budget. He said diversification of the economy became an issue after the financial crash of... Read more of this article

Podcast: Finance Minister On 2016/17 Budget

Podcast: Finance Minister On 2016/17 Budget

In the latest edition of the Bernews podcasts, we talk to Finance Minister Bob Richards about the 2016/17 Budget. In the interview he said the previous regime, when it raised payroll tax, made a critical error by not consulting with IB in particular, but he said the Fiscal Responsibility Panel, set up last year to look at the tax regime, had consulted... Read more of this article

Live Updates: Opposition Reply To The Budget

Live Updates: Opposition Reply To The Budget

[Updating] Shadow Minister of Finance David Burt is set to deliver the Progressive Labour Party’s Reply to the Budget in the House of Assembly today [Feb 26], responding to the 2016/17 Budget delivered by Finance Minister Bob Richards last week. Minister Richards said the deficit for the coming Budget is likely to be $199.4M, of which $150M will... Read more of this article

Column: Fundamental Themes Of 2016 Budget

Column: Fundamental Themes Of 2016 Budget

[Opinion column written by Ross Webber] Budget season is always a good time for evaluation. The Bermuda government’s 2016–17 statement, delivered this month, provides a fiscal snapshot of where our jurisdiction stands on debts, interest payments, industry challenges and GDP growth. Among the statistics and granular breakdowns, however, several... Read more of this article

Column: Most Important Statements In Budget

Column: Most Important Statements In Budget

[Opinion column written by MP Jeff Sousa] The Government’s 2016/17 Budget, presented by Finance Minister ET Bob Richards last week, commits the Island to a plan to restore Bermuda’s financial health, with a target to eliminate the government deficit in three years. In reading through the 38-page Budget document, I highlighted what I consider to... Read more of this article

Greenrock: Budget Can Influence Sustainability

Greenrock: Budget Can Influence Sustainability

“While the Budget makes plenty of references to ‘financial sustainability’ there were opportunities for this Budget to influence sustainability in a wider sense, encompassing a holistic understanding of social, economic and environmental sustainability,” Greenrock Executive Director Jonathan Starling said. “Budgets, and the financial... Read more of this article

Column: “Looking Under The Hood” At Budget

Column: “Looking Under The Hood” At Budget

[Written by Larry Burchall] Inside the full set of papers and stuff that accompanies every annual Budget, there are always some little gems, that can hit hard and unexpectedly. Here are a few. Tax increases – Customs Duty The Minister has decreed that Customs Duty and Payroll Tax will increase. Customs Duty revenue is expected to rise by about 11%. Customs... Read more of this article

Premier: ‘Two-Track Strategy’ To Help Economy

Premier: ‘Two-Track Strategy’ To Help Economy

Minister Richards “laid down a two-track strategy to get Bermuda back on its feet,” one track was to pursue any opportunity to grow the economy and the second track was to impose control and discipline on Government finances, Premier Dunkley said following Friday’s budget. Speaking at a post-budget press conference, the Premier said,... Read more of this article

Videos: Government & Opposition On Budget

Videos: Government & Opposition On Budget

Government Ministers and Shadow Minister of Finance David Burt both provided on-camera comments following yesterday’s budget, which saw Finance Minister Bob Richards lay out the Government’s financial plans for the upcoming fiscal year. Noting that “nobody likes tax increases” but we “must get to grips with the deficit and... Read more of this article

BTA To Have Increased Revenue of $5.3 Million

BTA To Have Increased Revenue of $5.3 Million

The Bermuda Tourism Authority grant will be increased by $1 million, and the Tourism Authority Fee, which is payable by hotel owners to the BTA, will be raised from 2.5% to 5.5% to achieve additional revenue of about $4.3 million for the BTA, Finance Minister Bob Richards said in Friday’s Budget Speech. The relevant portion of the Budget Speech... Read more of this article

Chamber Of Commerce Response To Budget

Chamber Of Commerce Response To Budget

“Our initial thoughts are that the budget was well thought out and continues progress towards improving Bermuda’s finances” however “measurable improvements will not be felt any time soon,” President of the Chamber of Commerce John Wight said following this morning’s [Feb 19] budget. Mr Wight said, “We were pleased with... Read more of this article

PwC Release 2016 Budget Highlight Summary

PwC Release 2016 Budget Highlight Summary

Following the delivery of the 2016/17 Budget this morning [Feb 19] by Minister of Finance Bob Richards, PwC Bermuda released a highlight summary sheet. Tom Miller, Managing Director, PwC Bermuda, said, “The Minister points out that there are many people still not yet feeling the economic recovery and the tax burden will need to be restructured... Read more of this article

Live Updates: Finance Minister Delivers Budget

Live Updates: Finance Minister Delivers Budget

[Updating] Finance Minister Bob Richards is set to deliver the 2016 Budget in the House of Assembly this morning [Feb 19], which will set out the Government’s financial plans for the upcoming fiscal year. This will be the fourth budget devised by Minister Richards since the OBA’s victory at the polls in 2012, following after the 2013/14 Budget... Read more of this article

Budget: America’s Cup Spending & Revenue

Budget: America’s Cup Spending & Revenue

The total Government budget for America’s Cup related expenses during the 2016/17 fiscal year will be $24 million, Finance Minister Bob Richards said in today’s Budget Speech, adding that the hotel, retail, transportation and restaurant sectors reported healthy spikes over the World Series event and “it is anticipated that total additional... Read more of this article