Full Statement: 2012/13 Budget

February 24, 2012

The full statement detailing the 2012/13 Budget which was delivered this morning [Feb.24] by Premier and Minister of Finance Paula Cox in the House of Assembly is below and here in PDF form. Highlights include airport duty going back down to 25%, Government removing the stamp duty on transferring mortgages from one bank to another and much more.

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Comments (5)

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  1. Sandy says:

    Well back to 25% duty, happy at that, $200 duty allowance is a nice surprise and will spur us all to spend again, and no raise in the bus and ferry fees all good news and not raising the alcohol fee will help tourism as our drinks are already too high but I cant say to much about the rest…Our debt is still pretty big and I dont know how we can continue having so many civil servants…

    • PH says:

      “flat” rate of 25% menas all items will get a 25% duty rate. You will be paying more as some items were 6-10%.

      This will have the same effect as it did last time.

  2. jt says:

    bda’s debt will have an additional $200 million to it & the premier doesn’t say when it is anticipated to be paid of just that it will be done over a period of time

  3. Sandy says:

    Back to re reading the budget, it doesnt say how often we get the $200 customs duty free..is that every trip, once a year $200 per one member in the family or what? Needs to be clealy stated, also I understand 25% will be on everything but 35% I had stopped shopping but I do agree that as much as its seems better than 35% its not really as now we are paying for things that were in the low percent of duty like 12% will now be 25% so we arent getting a deal after all. There are many like me that didnt see that so wake up Bermuda we arent getting a break here like it seems! Its great to hear the govt is so sensitive to the unemployment situation(a ittle too late) but until the other countries around the world show signs of recovery unemployment will still be a big issue in Bermuda. Its not going to be an easy fix because even with free training there are still no jobs to be had. You cant just stop renewing work permits in order to solve our unemployment. The consequences would be deadly!

  4. Lazy Fools says:

    “In addition, Government has initiated discussions with relevant parties to assess the feasibility of establishing a licensing regime for international fishing vessels taking fish stocks out of Bermuda’s 200 mile maritime exclusive economic zone.”

    Is the government really so desparate for additional revenue streams that they are considering selling rights to allow our waters to be (over)fished?

    PLP… destroying Bermuda one day at a time.