Hashtag: #BermudaGovernmentRevenue
Charts Only: 2017-2018 Bermuda Budget
For those seeking a quick visual view of the 2017 Budget delivered in the House of Assembly by Finance Minister Bob Richards this morning [Feb 24], the charts extracted from the Budget are below. For comparison’s sake, charts from the 2016 Budget are here, the 2015 Budget are here, 2014 Budget are here, 2013 Budget are here, 2012 Budget are here,... Read more of this article
Column: Pre-Budget Analysis Of Our Economy
[Opinion column written by Larry Burchall] With the national hysteria over the bad deal at the Airport now died down, it’s wise to re-focus on the real enemy of Debt and Bermuda’s weak economy. Laid out for laypersons, not professors or high-level business executives, what follows is a clear and honest analysis of Bermuda’s economy as it was... Read more of this article
Fiscal Responsibility Panel Annual Assessment
The Minister of Finance today [Dec 12] released the second annual Assessment Report of the Bermuda Fiscal Responsibility Panel. In the 2015 Budget Statement, the Minister announced the intention to establish a Fiscal Responsibility Panel in order to “increase transparency and international credibility, Government intends to establish an international,... Read more of this article
Column: Airport Project Video Was ‘Misleading’
[Opinion column written by Craig Mayor] On October 31, the Ministry of Finance [MoF] released its video “The Best Option For Bermuda” that describes why the Government to Government [G2G] option is the best option for the Airport. The video uses slides with text to clearly state the advantages and disadvantages of the EBA [repair Wade] and G2G [build]... Read more of this article
Prosecuting Employers For Delinquent Payments
The Tax Commissioner, Director of Department of Social Insurance and the Director of Public Prosecutions have held a series of meetings to address the situation of delinquent employers and unpaid Payroll Tax and Social Insurance Contributions. “The Tax Commissioner and the Director of Social Insurance will start to forward employer files to the... Read more of this article
Ministry: 2016/17 First Half Fiscal Performance
The Ministry of Finance today reported on the 2016/17 First Half Fiscal Performance and provided an updated Economic Review for 2016, saying that revenues for the six months ending September 2016 are $491.9 million; while current expenditures, excluding debt service, for the first six months ending September 2016 are $471.8 million. The full statement... Read more of this article
Ministry: 2016/17 First Quarter Fiscal Performance
The Ministry of Finance provided information today on the 2016/17 First Quarter Fiscal Performance. “The headline numbers for the 2016/17 National Budget were: a revenue target of $996.9 million; current expenditure of $1.11 billion, including debt service; capital expenditure of $87.3 million; and a projected deficit of $199.4 million,”... Read more of this article
Balance Of Payments & International Investment
The Bermuda current account recorded a surplus of $121 million in the first quarter of 2016, according to the most recent Balance of Payments and International Investment Position report. “The current account surplus stood at $121 million for the first quarter of 2016. This represented a $99 million decrease from the $220 million surplus in the first... Read more of this article
Consolidated Fund Financial Statements Tabled
Today [May 20] in the House of Assembly, Minister of Finance Bob Richards tabled audited financial statements relating to the Consolidated Fund for the year-ended March 31, 2015, which provide information on the financial position, operations, change in net debt and cash flows resulting from the activities of the Government. Minister Richards said,... Read more of this article
Balance Of Payments & International Investment
The Bermuda current account recorded a surplus of $204 million in the fourth quarter of 2015, according to the most recent Balance of Payments and International Investment Position report. “The current account surplus stood at $204 million for the fourth quarter of 2015. This represented a $38 million decrease from the $242 million surplus in... Read more of this article
Office Of Tax Commissioner: Land Tax Advisory
The Office of the Tax Commissioner issued an advisory following the decision made on March 21st in the House of Assembly to retroactively apply adjusted land tax rates. The announcement said, “The Office of the Tax Commissioner would like to advise Residential Property Owners of the following important information regarding Land Tax for the period... Read more of this article
PwC Release 2016 Budget Highlight Summary
Following the delivery of the 2016/17 Budget this morning [Feb 19] by Minister of Finance Bob Richards, PwC Bermuda released a highlight summary sheet. Tom Miller, Managing Director, PwC Bermuda, said, “The Minister points out that there are many people still not yet feeling the economic recovery and the tax burden will need to be restructured... Read more of this article
Budget: America’s Cup Spending & Revenue
The total Government budget for America’s Cup related expenses during the 2016/17 fiscal year will be $24 million, Finance Minister Bob Richards said in today’s Budget Speech, adding that the hotel, retail, transportation and restaurant sectors reported healthy spikes over the World Series event and “it is anticipated that total additional... Read more of this article
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
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
