PwC Release 2018 Budget Highlight Summary
Following the delivery of the 2018/19 Budget this morning [Feb 16] by Premier and Minister of Finance David Burt, PwC Bermuda released a highlight summary sheet.
“This budget has a clear focus on growth and job creation, with new incentives for entrepreneurs and job repatriation, and decreased payroll tax for the lower paid and those with disabilities,” PwC said.
“The 60/40 rule is being relaxed to increase access to capital for Bermudians. Tax increases are targeted towards business owners, commercial property owners and foods with added sugar.
“New and increased fees and duties are being implemented for telecoms, wines and tobacco, and other government services. The government has demonstrated its commitment to collecting taxes due with all posts unfrozen in the Office of the Tax Commissioner.”
View all our coverage of the 2018 Budget here and our live blog here.
The summary below was provided by PwC: [PDF here]
Read More About
Category: All, Business, News, Politics
Just as expected foreign firms like PWC salivating over Burt’s plan of a 60/40 rule change. Of course, they’d agree it’s good, now they can offer their services to foreign businesses who will take advantage. These companies will devour the small businesses in Bermuda like they do in other jurisdictions. People screaming xenophobia to keeping protections the 60/40 are naive to how the world has become. The rest of the world has learned from these mistakes and has moved towards protectionism because of them. The part of the world that has woken up has realized it’s fine to invite your neighbor over for a meal but you shouldn’t let your neighbor take out your kitchen sink and send it back home.
When PWC see’s how much taxes they’ll be saving with Trump’s new budget where will they send their profits to? Especially when Trump is offering a far better tax cut than Bermuda could afford.