NAB On Tax Reform Commission Report
The Nonprofit Alliance of Bermuda [NAB] said they welcome the Tax Reform Commission’s Public Report and its “recognition of the critical role nonprofits play in strengthening Bermuda’s communities” adding that they “particularly applaud the recommendation to introduce tax credits for charitable giving, an important step in incentivising sustained corporate support.”
“Corporate charitable giving is a vital funding stream for Bermuda’s nonprofits,” said Dr. Nicola Paugh, Executive Director of NAB. “Finding ways to incentivise continued charitable giving will be important to the sustainability of the Third Sector. The proposed recommendation to provide tax credits for larger giving amounts, over $100,000 a year is also welcome. We are encouraged that the Commission has highlighted this need.”
The spokesperson said, “At the same time, NAB expressed disappointment that the TRC does not recommend direct government allocations for charitable grants out of CIT revenues but also acknowledged the urgent need to reduce Bermuda’s debt and lower the burden of interest payments.
“NAB was also pleased to see social investment recommendations being made to support access to health care, support for low-income populations, and to address the housing crisis. Investment that supports vulnerable populations, advances equity, and promotes health and well-being is not only essential to protecting those most at risk but also critical to ensuring long-term social and economic stability. Social investment has economic benefits in the long run.”
“We thank the TRC for their efforts to produce this report, including the consultative approach taken,” said Dr Paugh, “Meaningful social investment must be considered alongside fiscal responsibility, which the report reflects. We look forward to the Government’s final decisions on tax reform.”
