Hashtag: #BermudaGovernmentRevenue
Sir John: ‘Frank’ Economics Forum
Former Premier Sir John.Swan will be among the participants when the Bermuda Chamber of Commerce hosts a panel discussion on “The Economy Now and a Vision For the Future.” Organised by the Chamber’s Economics Division, the forum will take place on January 25 from 5:30 to 7:00 pm at The Chamber offices on the corners of Front Street and Point... Read more of this article
Premier/Ministers To Host Town Halls
Premier Paula Cox, joined by various Government Ministers, will host a series of town hall meetings to discuss the upcoming National Budget. Premier Cox released the Pre-Budget Report last month, which highlights a number of policy options currently under consideration. The Premier said at the time, that she will host a series of town hall meetings... Read more of this article
Standard & Poor’s Downgrades Bermuda Rating
[Updated w/Bob Richards comments] Premier and Finance Minister Paula Cox today [Dec. 29] announced international ratings agency Standard & Poor’s [S&P] has lowered its long-term sovereign rating on Bermuda from AA to AA-. A statement released said, “The Ministry of Finance spoke with S&P today about this latest action and was advised... Read more of this article
OBA’s Richards On Pre-Budget Report
[Updated with videos] “We are living with the consequences of a government that has lost control of the public purse and put the Island on a path to financial ruin,” said Shadow Finance Minister Bob Richards. Speaking at a press conference this afternoon [Dec.14], Mr Richards said, “The Government’s Pre-Budget Report released... Read more of this article
Mailboxes Boss: Open Letter To Premier
In an open letter to Premier Paula Cox, Mailboxes Unlimited president Steve Thomson is urging her to reconsider proposals which could lead to the introduction of a heavy new tariff on goods Bermudians import to the island using couriers. The Premier and Finance Minister recently said Government was considering introducing a 35 percent duty rate on... Read more of this article
Next Budget: Options Under Review
The Bermuda Government’s Pre-Budget Report released yesterday [Dec.12] contains a list of revenue-raising policy options under consideration for 2012-13 including rolling back tax breaks for some pensioners, hotels and restaurants. The report says Government will consider changes to the hotels and restaurants payroll tax relief, Pensioners’... Read more of this article
Bermuda’s ‘Tug-Of-War’ With Cayman
Thee “tug-of-war” between Bermuda and the Cayman Islands over the lucrative reinsurance industry is officially on, a recruitment firm for the Caribbean off-shore domicile says today [Dec. 12]. In a blog at its website, CML — which recruits high-level staff for the legal and financial services sectors in that terrritory — says Bermuda... Read more of this article
Premier Cox: Pre-Budget Report
[Updated with full report/videos] Premier and Minister of Finance Paula Cox said the Government’s Pre-Budget Report will be released to the public later today [Dec.12] and provided some initial data. The Premier said the data is “consistent with the expectation that the road to full economic recovery will be long and not without continuing challenges.” Estimates... Read more of this article
Parliament Approves BMA Regulations
Bermuda Monetary Authority fees will be kept to a minimum in 2012 — and reduced in the case of some locally-based insurers — in a bid to stimulate the financial services sector, Parliament was told on Friday [Dec. 10]. Premier and Finance Minister Paula Cox told the House of Assembly that given the contracting local economy and increasing... Read more of this article
Some Post Offices Could Be Closed
Government’s Management Consulting Section is undertaking a full organisational review of Bermuda’s mail system which may result in the closure of some post offices. The Ministry of Economy, Trade & Industry yesterday [Dec.7] said the review focuses on the development of a range of business scenarios to assist with policy-level decision-making... Read more of this article
Tourism Contributed $658M To GDP
In 2010, the travel and tourism industry contributed $658 million to GDP, according to statistics released today [Nov.29]. The Department of Statistics released the 2010 Tourism Satellite Account [TSA] report, which measures the economic value of tourism to Bermuda. The report said that in 2010, a total of 585,266 visitors to Bermuda translated into... Read more of this article
OBA: 35% Duty Not Temporary
In a statement released last night, Bob Richards and Dr. Grant Gibbons said, “Premier Cox revealed during the House of Assembly debate on Friday the Customs Tariff Amendment Act that the “temporary” 35 percent airport duty on goods declared by people returning from overseas has now become permanent. “The Premier’s decision imposes... Read more of this article
Premier Introduces Customs Duty Changes
In a bid to stimulate the island’s stagnant economy, the Premier yesterday [Nov. 25] formally introduced measures in Parliament increasing the rate of duty payable on accompanied goods imported for personal use from 25 percent to 35 percent. In addition, the $100 duty free allowance for returning residents will be restricted so that where two... Read more of this article
Duty Free Shopping In Arrivals Lounge
Premier and Finance Minister Paula Cox yesterday [Nov.25] tabled legislation in Parliament that would see the introduction of duty free shopping for passengers arriving at Bermuda’s L.F. Wade International Airport. The Premier said such a move would stimulate the island’s ailing retail sector while also creating new sources of revenue... Read more of this article
GDP Figures ‘Not Unanticipated’
Despite sharp contractions in some areas of the economy, Bermuda’s gross domestic product [GDP] only shrank marginally between 2009 and 2010 new figures released today [Nov. 24] by the Department of Statistics reveal. In 2010, the GDP or total value of goods and services produced locally in Bermuda totaled close to $6 billion, a fractional decline... Read more of this article
Fitch: Bermuda’s Clean Bill Of Fiscal Health
[Updated] Bermuda’s finances received a guardedly clean bill of health from one of the world’s top ratings agencies today [Nov. 17]. Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) and Country Ceiling for Bermuda as follows: Foreign currency IDR at ‘AA+’; Local currency IDR at ‘AAA’; Foreign currency... Read more of this article
