Full Document & Highlights: 2013/14 Budget

February 22, 2013

[Updated] This morning [Feb 22] Finance Minister Bob Richards delivered the 2013 Budget in the House of Assembly, the first budget for the One Bermuda Alliance since their victory at the polls in December 2012. You can view our live blog of today’s events here, and some of the highlights and the full budget statement below.

Some of the highlights are below:

  • Laying legislation to raise debt ceiling from $1.45 billion to $2.5 billion
  • Total Revenues $871.2
  • Total Current Expenditures $983.8
  • Debt Service $134.3
  • Current Account Deficit $246.9
  • Capital Expenditure $84.6
  • Overall Deficit $331.6
  • Government will commence negotiations with unions on reduction in staff compensation.
  • Two year payroll tax holiday for new Bermudian hiring
  • Lowering licence fees for non-Bermudians to purchase property.
  • Increase in vehicle licence fees of 3% on all vehicles
  • Seniors car licence fee exemption in classes E, F, G & H rescinded
  • Corporate Service Tax Rate will be raised from 4% to 6% to gain $1.5M extra revenue
  • Additional funding to increase police manpower
  • Cost of bus passes [day passes] will be raised, resulting in $500K increased revenue
  • Government will use all available means to collect overdue taxes
  • Extra $30,000 provided to the Police Complaints Authority
  • Duty on cigarettes, tobacco, beer, wines & other spirits will be increased
  • Land tax increase in rates on ARV bands higher than $90,000
  • Payroll tax breaks for hotels, restaurants & retail will be extended.

The full document is below [PDF here]:

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Comments (4)

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  1. J Starling says:

    Thank you for posting the full document and for the live updates.

  2. Bermuda Boy says:

    Great budget Mr. Richards. At least we are now on the right track.

  3. Shag says:

    I go 65 next year. I have had a larger car for 4 yrs and now they want me to sell it and buy a smaller car to avail myself of the free vehicle licensing. Would have thought they could have grandfathered the licensing change to accommodate those that already own the larger vehicles.

    • Ras Brian says:

      Agree with your comments – Our car will be 9 years old this year and is an F Class vehicle. We’re trying to make it last as on a fixed income, to buy a new car, is difficult (68 yrs old).