Hashtag: #BermudaGovernmentRevenue

2009 Tourist Spending Declines by $75 Million

Tourist contributions to Bermuda’s economy declined by $75 million in 2009 compared to the previous year with visitors spending $350 million on the island according to figures released by the Statistics Department today [Dec. 30]. The year-over-year decline was reflected in all areas of the hospitality sector except for recreation and entertainment,... Read more of this article

Chamber on Debt, Economy & Solutions

In a recently released report, the Chamber of Commerce says “A third wave of reinsurance money to rescue the economy is not forthcoming,” and the “$1 billion dollar debt problem” leads to an enormous burden on the domestic economy and future generations. The report says that more than 3,500 work permits have been lost since... Read more of this article

Premier: BDA “Extremely Erroneous” on Revenue

[Updated] The Premier and Minister of Finance Paula Cox said Friday’s statement from the Bermuda Democratic Alliance [BDA] about Government’s revenue is “extremely erroneous” as Government’s revenues are not collected evenly through the year. On Friday [Dec 10] BDA finance spokesperson Michael Fahy said the budget statement... Read more of this article

Fahy On Government Revenue: “$83 Million Short”

Bermuda Democratic Alliance finance spokesperson Michael Fahy released a statement yesterday [Dec 10] in reference to the amount of revenue collected by Government this year, saying the budget statement predicted $1.058 billion in revenue for the fiscal year, so after six months $529 million revenue should be been collected, however according to an... Read more of this article

Bob Richards: Mid-Year Economic Review

The following was written by Bob Richards, Shadow Minister of Finance: The Bermuda economy has been hurting for some time now. Companies are cutting back, people are losing jobs and paycheques are getting smaller. The time is right for a mid-year look at the economy, where it is and where it might go. The better we understand the prospects for the months... Read more of this article

Finance Secretary On Auditor’s Blocked Claim

Financial Secretary Mr. Donald Scott, upon returning yesterday evening from Government business overseas responded to the allegations from the Auditor General that her access to Government’s Financial Information Management System despite repeated requests over the past two weeks. Mr Scott said that “It was an egregious and terrible error to... Read more of this article

Government Report: Balance Of Payments

The Government Statistics Department has released the Balance of Payment Report for the first quarter of 2010. The report covers all economic transactions between Bermuda and the rest of the world. It includes the current account and the capital and financial account. The full report is below, click ‘full screen’ for great clarity: Related... Read more of this article

Maldives: BDA Paid $9 Million Per Uighur [False]

[Edit 12:40pm: Allegations were incorrectly made, MP accidentally said Bermuda, but meant another nation] According to a press report from the Maldives, a government politician claimed that Bermuda was paid $9 million for each Uighur refugee we accepted from Guantanamo Bay in 2009, for a total of $36 million. The report claims that Independent Member... Read more of this article

Premier Has Whirlwind Russian Day

Presently in Moscow, Premier Dr. Ewart Brown today [May 11] conducted a series of meetings with Russian airlines Aeroflot, S7, UT Air, the Department of State Policy for Civil Aviation and the Federal Air Transport Agency responsible for handling aviation regulatory oversight under Russia’s Ministry of Transport. The Premier’s trip to Russia... Read more of this article

Premier In Russia Meeting With Airline Officials

Premier Dr. Ewart Brown departed for Russia yesterday [May 9] and will return to Bermuda on Thursday, May 13th. He joins Thomas Dunstan, Bermuda’s Director of Civil Aviation who is already in Moscow. As revealed in a press conference last week, the UK Government has questioned the Aircraft Registry of Bermuda particularly in relation to Russian... Read more of this article

Russian Tussle: Bermuda & United Kingdom

Bermuda’s lucrative aircraft registry has come under scruntiny, with the UK appearing to be looking closely at the practice. The UK’s attention seems to have been drawn by Bermuda registered aircraft that are in use by Russian airlines. The Aircraft Registry operates like the Registration of Shipping or Maritime Registry. The Maritime Registry... Read more of this article

$1,375 Licence Needed: Locals Married to Expats

A new law targeting Bermudians who live with or are married to non-Bermudians comes into effect on June 22, 2010. Effective that date, property owning couples of whom one is non-Bermudian, must obtain licences costing $1,375.00. As per the Bermuda Immigration and Protection Amendment Act 2007, people in default of this law could end up being imprisoned... Read more of this article

April 1st Fee/Tax Increases: Who Gets Affected?

As of today [April 1st] there are a slew of new regulations coming into effect that not all locals are happy about. Scroll down to see who is affected; from teenagers no longer allowed to “tow” a friend, numerous increased fees, to all working Bermudians facing a possible cut in take home pay, the changes that come into place today have... Read more of this article

Businessweek & Forbes: BDA Tourism Declining

On the heels of much debate over whether legalized gaming would help tourism, as well as disputes over paid airline incentives, it seems Bermuda’s tourism statistics are consistently declining according to reports from Businessweek, Forbes and more. Businessweek and Forbes, via the Associated Press, are reporting that: Bermuda’s air arrivals... Read more of this article

CEO BDA Hotel Assoc: Gaming Would Be Welcome

The CEO of the Bermuda Hotel Association John Harvey has come out in support of allowing gaming in Bermuda. Thanking the government for producing the Green Paper on Gambling, Mr. Harvey stated that Bermudian hotels have faced a decade of challenges and another amenity would be welcome. Mr. Harvey commenting: On behalf of the Bermuda Hotel Association,... Read more of this article

Bob Richards: Bermuda Dollar Now Devalued

During the debate on the 2010 Budget in the House of Assembly today, Minister of Finance Paula Cox [PLP] introduced an amendment that doubled the rate of Bermuda’s Foreign Currency Purchase Tax from 0.50% to 1.0%. Speaking to the amendment, Shadow Finance Minister Bob Richards [UPB] described this proposed increase as effectively devaluing the... Read more of this article

Hashtag: #BermudaGovernmentRevenue

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