Hashtag: #2016Budget

Budget: Tax Increases & New Service Sales Tax

In 2016/17, the Government will increase Payroll Tax, Customs Duty on fuel, tobacco and alcohol as well as implement a new services sales tax at a rate of 5%, Finance Minister Bob Richards said in today’s Budget Speech. New GST Tax Of 5% As far as the new General Services Tax, the relevant portion of the Budget Speech said, “Mr. Speaker, in order... Read more of this article

Deloitte Release 2016/17 ‘Budget Snapshot’

Following the delivery of the 2016 Budget by Finance Minister Bob Richards this morning [Feb 19] in the House of Assembly, Deloitte released a ‘Budget Snapshot’, which highlights some of the key points from the Budget Speech, and follows in full below. You can also click here to view our live blog, and click here to view all our coverage of the... Read more of this article

Summary Of 2016-2017 Bermuda Budget

[Written by Don Burgess] Payroll, alcohol, tobacco, gas and vehicles taxes will increase; Customs Duties will get simpler; and a tax on services were all part of the 2016-17 Budget Speech delivered by Finance Minister Bob Richards today. The speech, heavy laden with references to getting Bermuda out of debt and to a balanced budget by 2018-19, announced... Read more of this article

Full Document: 2016-2017 Budget Speech

This morning [Feb 19], Finance Minister Bob Richards delivered the 2016 Budget in the House of Assembly, which details Government’s financial plans for the upcoming fiscal year. The Minister announced a number of items, including that a new General Services Tax will be levied on turnover from the provision of most services by service providers to... Read more of this article

Charts Only: 2016-2017 Bermuda Budget

For those seeking a quick visual view of the 2016 Budget delivered in the House of Assembly by Finance Minister Bob Richards this morning [Feb 19], the charts extracted from the Budget are below. For comparison’s sake, charts from the 2015 Budget are here, charts from the 2014 Budget are here, charts from the 2013 Budget are here, charts from... Read more of this article

Chamber’s “Wishlist” For Upcoming Budget

“The only way to continue to reduce the budget deficit is to work at both increasing revenues and reducing expenses simultaneously,” Chamber of Commerce President John Wight said. Speaking in advance of Friday’s upcoming budget, Mr Wight said, “Government has a very challenging job to narrow the 2016 / 2017 year deficit in order to meet... Read more of this article