Hashtag: #BermudaGovernmentRevenue
Customs Duty Changes Coming Into Effect
Premier and Finance Minister Paula Cox will table legislation in the House of Assembly amending the Customs Tariff Act 1970 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 or more members... Read more of this article
ABIC Backs Sir John’s Economic Initiative
International companies based on the island came out today to publicly back former Premier Sir John Swan’s initiative to reverse ongoing economic stagnation. The Association of Bermuda International Companies [ABIC] said the Progressive Labour Party Government’s protectionist policies “could be detrimental to Bermuda’s long-term prospects”. Last... Read more of this article
Pink Route Ferry Fare Increases
Commencing 1st November, 2011 the Pink Route Paget/Warwick Ferry Fare Structure will change. The new Pink Route Fare Structure will be: Adult one-way $5 Child one-way $2 Adult 1 day pass $24 Child $12 Adult 2 day pass $40 Child $28 Adult 3 day pass $56 Child $35 Adult 4 day pass $70 Child $70 Adult 7 day pass $90 Child $45 Adult monthly Pass $110, Adult... Read more of this article
Email Address For Payroll Tax Queries
The Ministry of Finance is inviting members of the public who may have any queries stemming from the recent announcements regarding the Temporary Payroll Tax Relief to email retailrelief@gov.bm. Last week Premier Paula Cox announced a series of relief measures for the business sector aimed at providing tangible assistance during these tough economic... Read more of this article
‘Retail’ Classification To Be Reviewed
Saying “Government will make the tough choices for the benefit of all of Bermuda’s people,” Premier Paula Cox announced this evening [Oct.2] said she has requested a review of business classifications for retail businesses. On Friday [Sept.30] the Premier announced that payroll tax will be set at a zero rate for the retail sector for... Read more of this article
Customs Increase Moved To November
Premier and Minister of Finance Paula Cox announced this evening [Oct.2] that the changes to custom duty will not take effect till November 4th, rather then October 1st. On Friday [Sept.30] the Premier announced that duty payable at the airport for returning residents will raise from 25% to 35%, and only one person per household can claim the duty free... Read more of this article
Change In Duty & Retailers Payroll Tax
[Updated] This morning [Sept.30] Premier and Minister of Finance Paula Cox said “In taking note of this continuing economic malaise and the possible social consequences, Government will immediately institute several emergency measures to assist businesses that have a pressing need for financial relief.” Payroll tax will be set at zero for... Read more of this article
Pink Ferry Route Fare Increase Postponed
Today [July 27] a spokesperson for the Department of Marine and Ports, within the Ministry of Transport said, “The proposed fare increase on the Pink Route which was scheduled to take effect on Monday, August 1, 2011 will now be postponed to a later date to be announced. All passes that have been sold at the current price can be used on the Pink... Read more of this article
July 1: Tynes Bay Fees To Increase
The Ministry of Public Works is advising waste haulers that effective July 1, 2011 the rates for commercial waste disposal at the Tynes Bay Waste-to-Energy facility will increase. A spokesperson said, “These increases are necessary to support the ongoing cost of waste disposal operations at the Tynes Bay facility and to ensure the long term sustainability... Read more of this article
Senator On Budget, Debt, Finances & More
This morning [Mar.16] Junior Minister for Finance Senator David Burt spoke on the 2011/12 Budget, saying “the headlines of the Budget are widely known, but I will take a little time to review them in more detail this morning.” The Senator went on to discuss various aspects including the planned open budget process, debt, revenue, the sinking... Read more of this article
Opinion: Diversification – What Is That?
[Written by Larry Burchall] During the lead-up to this Budget Debate and with all the talk about Bermuda’s economic present and future, one concept keeps popping up – diversification. The principle thought behind diversification is that Bermuda needs to have another one or two legs to support or even supplant Tourism and International Business.... Read more of this article
UBP Bob Richards’s Budget Reply
This morning [Feb 25] in the House of Assembly Shadow Minister of Finance Bob Richards is delivering the reply to the 2011/12 Budget. Mr Richard’s started off by saying: “Mr. Speaker, my colleagues and I had hoped to come to this Honourable House this morning in support of a Government Budget that had set the country on a path to economic... Read more of this article
BDA: Budget Debate Outstanding Queries
The Bermuda Democratic Alliance Financial Affairs spokesman Michael Fahy released a statement saying “The BDA will be hoping for clarification on the following points and queries, among many others, during the budget debates.” 1. The reason for the payroll tax rise last year, given what seem to be contradictory statements given by... Read more of this article
Videos: Premier & Ministers Town Hall
Hundreds of Bermudians last night [Feb. 23] attended a Town Hall meeting hosted by Premier Paula Cox — who was joined by 11 Cabinet Ministers — to discuss the 2011/12 Budget. Held at Number Six Shed, the meeting focussed on stimulating growth in both Bermuda’s tourism and off-shore financial services sectors and touched on subjects... Read more of this article
Report: ‘Recovery Unlikely Until 2012′
Bermuda’s recession-battered economy is unlikely to rebound until 2012 — with only a “modest recovery” forecast for next year — as the worst financial downturn the island has experienced since the Great Depression continues to take a toll on local businesses and the job market, says the Finance Ministry’s National... Read more of this article
Budget: How Will Government Make Money?
In the 2011/12 Budget, the Minister for Finance projects revenue of $940 million. Payroll tax is predicted to be the largest revenue earner, at $350 million, with Customs the second biggest earner for the Government, with $200 million predicted. Payroll tax and customs fees combine to create almost 60% of the Government’s predicted income. Listed,... Read more of this article
