Bermuda Chamber Supports Pre-Budget Report
“The Bermuda Chamber of Commerce said they “welcomed the 2026/27 Pre-Budget Report as the primary document guiding Bermuda’s fiscal strategy, including the responsible deployment of Corporate Income Tax [CIT] revenues, projected at approximately $600 million annually starting in 2026/27, to reduce the $3.2 billion national debt, ease the cost of living and doing business, create jobs, and promote equity.”
A spokesperson said, “The Tax Reform Commission [TRC] 2025 Report provides valuable supporting recommendations, particularly on the waterfall allocation model, and both documents should be viewed in parallel.
“Economics is about allocating scarce resources effectively, and the Chamber appreciates the challenge for the Government to balance all stakeholders whilst maintaining a fiscally responsible approach, as outlined in the Pre-Budget Report that aligns with its emphasis on debt reduction and stability. We congratulate the Government on achieving consecutive budget surpluses, the first in over 20 years [$29 million in 2024/25] and a revised projection of $59.8 million for 2025/26, demonstrating sound fiscal performance even before full CIT inflows. The Chamber stands ready to partner with the Government for a prosperous Bermuda.
“Following a thorough review, the Chamber supports the Pre-Budget Report’s priorities: fiscal responsibility first, including significant debt repayment [e.g., $500 million toward the January 2027 maturity], adherence to fiscal rules, and building reserves. However, inconsistencies in debt repayment timelines [e.g., varying commitments across documents] risk confusion.”
The full Bermuda Chamber of Commerce- Pre-Budget Statement follows below [PDF here]:
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