Hashtag: #BermudaGovernmentRevenue
Land Tax Payment Deadlines Advisory
The Office of the Tax Commissioner has advised that Land Tax Demand Notices for the period 1 January – 30 June 2016 will be distributed over the next few weeks with payment deadlines as follows: “If you are the owner or deemed owner of a property and do not receive a demand notice within four weeks of the payment due date for your Section,... Read more of this article
Finance Ministry On 2015/16 Budget Performance
The Ministry of Finance today reported on nine months of fiscal performance to December 2015 saying they believe the “deficit for fiscal year 2015/16 will be approximately $213 million, slightly better than its original estimate of $220 million.” The statement said, “The headline numbers for the 2015/16 National Budget is as follows: a... Read more of this article
Balance Of Payments & International Investment
The Bermuda current account recorded a surplus of $224 million in the third quarter of 2015, according to the most recent Balance of Payments and International Investment Position report. “The current account surplus stood at $224 million for the third quarter of 2015. This represented a $62 million increase from the $162 million surplus in the... Read more of this article
Ministry: ‘Government Can Ill Afford Such A Loss’
“Measures taken to Parliament that will change land tax rates are designed to ensure no loss of revenue to the Government,” Minister of Finance Bob Richards stated today. A statement from the Ministry said, “Land taxes paid by land owners are calculated by multiplying the assessed ARV times the tax rate. ARV’s have fallen significantly... Read more of this article
‘Government Needs To Increase Land Tax Rates’
“The sobering reality is that to maintain Government services at a reasonable level and to avoid financial failure, the Government needs to increase land tax rates,” Minister of Finance Bob Richards said. Speaking in the House of Assembly today [Dec 16], Minister Richards said, “Since the global financial crisis and economic recession... Read more of this article
Ministry: 2015/16 First Half Fiscal Performance
The headline numbers for the 2015/16 National Budget are a revenue target of $931 million; current expenditure of $1.08 billion, including debt service; capital expenditure of $68.7 million; and a projected deficit of $220 million, the Ministry of Finance said today. In reporting on the 2015/16 First Half Fiscal Performance and providing an updated... Read more of this article
Bermuda’s GDP Per Capita: $91,479 In 2014
Bermuda’s gross domestic product [GDP] per capita was measured at $91,479 per person in 2014, according to a report released by the Department of Statistics. “Final estimates of Gross Domestic Product [GDP] in current prices for 2014 were measured at $5.7 billion, a marginal 0.2% increase over 2013,” the report said. “Seven of... Read more of this article
Govt’s 2015/16 First Quarter Fiscal Performance
Saying that it is in “accordance with Government’s commitment to effecting ongoing improvements in its reporting on the fiscal affairs of the country,” the Ministry of Finance today [Aug 19] reported on the 2015/16 First Quarter Fiscal Performance. “The headline numbers for the 2015/16 National Budget are: a revenue target of $931... Read more of this article
Burt: ‘We Have To Return Economy To Growth’
When the Government borrowed the $800 million the Finance Minister said that it would last for three years and “already he is coming back saying that we need to borrow additional funds” which means “the Government’s economic plan is not working,” Shadow Finance Minister David Burt said “They were planning on growing the economy... Read more of this article
Video: Shadow Minister On New Airport Fees
Following a debate which saw Opposition MPs raise objections, a Bill increasing airport fees by $20 per person passed in the House of Assembly last night [July 17]. Shadow Minister Lawrence Scott said they were “not in favour” of the increased fees, as two months ago the departure tax was raised from $35 to $50, and now an additional $20... Read more of this article
Charts Only: Opposition’s 2015 Budget Reply
For those seeking a quick visual view of the Progressive Labour Party’s official response to the 2015 Budget, which was delivered in the House of Assembly by Shadow Finance Minister David Burt today [Feb 27], the charts extracted from the Reply are below. You can view the complete Reply to the Budget here, and view all our coverage of the 2015... Read more of this article
400-Page ‘Budget Book’ Now Available Online
The full 400-page ‘Budget Book’ containing the Estimates of Revenue and Expenditure for the Year 2015/16, is now available online, with open data website Bermuda.io posting the entire document, which can be accessed here. Finance Minister Bob Richards delivered the 2015/16 Budget on Friday [Feb 20], in which he said that gross public debt... Read more of this article
90 Minute Video: Chamber’s Budget Breakfast
The Bermuda Chamber of Commerce hosted their Annual Budget Breakfast this morning [Feb 23] at Lower Pier Six, with the panelists included Minister of Finance Bob Richards, Nathan Kowalski of Anchor Investment Management, Kim White of Cox Hallett Wilkinson who also served on the SAGE Commission, while Arthur Wightman of PwC Bermuda served as moderator. The... Read more of this article
PwC Bermuda Release 2015 Budget Infographic
PwC Bermuda has released a Budget Highlight sheet, breaking down the major points of the 2015/2016 budget and providing a general summary, along with a focus on revenue, debt, growth, and expenditure. Tom Miller, Managing Director of PwC, said, “The Minister made his case for the threat to our financial independence, as deficits swell our national... Read more of this article
Deloitte Bermuda Release Budget Infographic
Deloitte Bermuda has released their 2015 Budget Highlights infographic, that breaks down the major points of this year’s Bermuda Government Budget in an easy to read format. You can view all our coverage of the 2015/16 Budget here and our live blog covering the 2015/16 Budget and reactions here. The Deloitte Bermuda 2015 Budget Infographic is below,... Read more of this article
Opposition’s Initial Response To 2015/16 Budget
Following the delivery of the 2015/16 Budget by Finance Minister Bob Richards this morning [Feb 20], both Opposition Leader Marc Bean and Shadow Finance Minister David Burt provided initial responses, with the PLP’s full Reply to the Budget set to be delivered next week. Shadow Finance Minister David Burt said, “In his third Budget Statement... Read more of this article
