Premier David Burt Delivers 2026 Budget
Premier David Burt delivered Bermuda’s 2026/27 Budget Statement, under the theme “Responsible Choices… Lasting Benefits for Bermudians.”
A Government spokesperson said, “Built on nine years of responsible fiscal management and execution of the Government’s Economic Development Strategy, the 2026/27 Budget delivers for Bermudians by continuing to cut taxes for workers, eliminating duty on more essential goods, and making the largest capital investment in our infrastructure in nearly two decades.
“In addition, for the first time ever, Government revenue now includes Corporate Income Tax following the successful implementation of the CIT regime. Thanks to this, and better-than-expected economic performance, this Government will make a significant reduction in Bermuda’s debt and deliver real savings for Bermudian taxpayers.
“This Budget delivers a range of measures that will make a real and lasting difference for Bermudians, including:
- “Reductions in payroll tax: Workers earning $48,000 save $120 a year, those earning $96,000 save $840, and those earning $120,000 save $660, no worker will pay more.
- “$605 million in national debt repaid in full, reducing Bermuda’s gross debt by 18% and saving taxpayers $25 million every year in interest costs.
- “A record $182 million capital investment, including continued roadworks, affordable housing, schools, the Swing Bridge, the Tynes Bay Waste-to-Energy Facility, and community improvement projects across the island.
- “The elimination of the remaining 20% customs duty on fuel for electricity generation saving the average household $375 a year in energy costs.
- “$5 million to reduce or eliminate customs duty on more essential goods
- “A further 10% reduction in private car licensing fees, effective 1 April.
- “A projected budget surplus of $472 million and total government revenue exceeding $2 billion for the first time in Bermuda’s history for FY 26/27.”
Premier Burt said, “Nine years of hard work and prudent fiscal management have brought us to this moment. Bermuda’s finances are stronger than they have been in a generation, and this Budget makes sure that progress is felt by every worker, every local business, and in the pockets of Bermudian families. It also lays a solid financial foundation for the future, with Bermuda on a path to eliminate net debt within the decade.
“Working Bermudians will pay less in taxes, our national debt is being significantly reduced, and we are investing in our roads, more affordable housing, public schools and critical services. We have made and will continue to make responsible choices that will deliver lasting benefits for Bermudians.”
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