Hashtag: #BermudaGovernmentRevenue
Charts Only: 2015-2016 Bermuda Budget
For those seeking a quick visual view of the 2015 Budget delivered in the House of Assembly by Finance Minister Bob Richards this morning [Feb 20], the charts extracted from the Budget are below. For comparison’s sake, charts from the 2014 Budget are here, charts from the 2013 Budget are here, charts from 2012 Budget are here, charts from the... Read more of this article
Live Updates: Finance Minister Delivers Budget
[Updated] Finance Minister Bob Richards is set to deliver the 2015 Budget in the House of Assembly this morning [Feb 20], which will set out the Government’s financial plans for the upcoming fiscal year. This will be the third budget devised by Minister Richards since the OBA’s victory at the polls in 2012, following after the 2013/14 Budget... Read more of this article
2014 Fiscal Performance & Economic Review
The Ministry of Finance today [Nov 17] reported on the 2014/15 First Half Fiscal Performance and provided an updated Economic Review for 2014, saying that gross debt stood at $2.185 billion at the end of September 2014. 2014/15 First Half Fiscal Performance: A spokesperson said, “The headline numbers for the 2014/15 National Budget were: a revenue... Read more of this article
Govt. Tax Extension Due To Fay & Gonzalo
Due to the disruption caused by Tropical Storm Fay and Hurricane Gonzalo, the Government has extended the tax deadline from October 15th to October 24th. A spokesperson from the the Office of the Tax Commissioner said, “In consideration of the impact of Tropical Storm Fay and Hurricane Gonzalo, all tax returns which were due by the 15th October... Read more of this article
Bermuda’s GDP Per Capita: $85,747 In 2013
In 2013, Gross Domestic Product [GDP], which measures the total value of goods and services produced in Bermuda, edged up 0.7%, however when adjusted for inflation, the growth in economic activity declined 2.5%, according to a report released today [Sept 4] by the Department of Statistics. The report said, “Despite an increase in job losses compared... Read more of this article
Ministry Releases MidYear Economic Review
[Updated with PLP response] Saying it is in “accordance with Government’s commitment to effect ongoing improvements in transparency and it’s reporting on the fiscal and economic affairs of the country,” the Ministry of Finance today [Aug 21] reported on the 2014/15 First Quarter Fiscal Performance and provided a Mid-Year Economic Review... Read more of this article
Minister Richards: Construction Payroll Tax Relief
[Updated] Finance Minister Bob Richards provided further details of the proposed payroll tax relief for the local construction industry announced in the Premier’s address earlier this month. Speaking in the House of Assembly today [June 27], Minister Richards said, “The local construction industry has been particularly hard hit by the economic... Read more of this article
Fitch Downgrades Bermuda’s Ratings to ‘A+’
[Updated with PLP & Minister's response] Fitch Ratings has downgraded Bermuda’s long-term foreign and local currency Issuer Default Ratings [IDRs] to ‘A+’ from ‘AA-’, downgraded the issue ratings on Bermuda’s senior unsecured foreign and local currency bonds to ‘A+’ from ‘AA-’, and downgraded... Read more of this article
Moody’s Downgrades Bermuda’s Rating To A1
[Updated] Moody’s Investors Service has downgraded Bermuda’s rating to A1 from Aa3 and changed the outlook to stable from negative, citing the “ongoing deterioration of Bermuda’s key fiscal metrics” and the “persistent economic recession.” “One of the key drivers stated as the reason for the downgrade is the persistent... Read more of this article
S&P Affirm Bermuda’s Ratings, Outlook Negative
[Updated with Finance Minister's comments] Standard & Poor’s today [Apr 1] affirmed their ‘AA-/A-1+’ sovereign ratings on the Government of Bermuda, and said the outlook remains negative. S&P said, “The ratings on Bermuda are supported by our view of the country’s ongoing achievements in attracting and retaining... Read more of this article
Minister On 2013 Consolidated Fund Statements
Minister of Finance Bob Richards tabled audited financial statements relating to the Consolidated Fund for the year-ended March 31, 2013 in the House of Assembly today [Mar 21]. The Consolidated Fund is the general operating fund of the Bermuda Government and is the Fund through which Government conducts the majority of its transactions. Minister... Read more of this article
Shadow Minister Burt On Financial Statements
The financial statements for the year ending March 31, 2013 have been tabled in Parliament, and Shadow Minister of Finance David Burt said, “What is sure to be of interest is that the financial statements are not qualified as they have been in previous years. “The Auditor General states that she received an ‘independent professional... Read more of this article
PLP Suggest Online Gaming To Boost Revenue
Online gaming is a $35 billion global industry, and Bermuda already has the infrastructure to be player, Shadow Finance Minister David Burt said in the Opposition’s Reply to the Budget in the House of Assembly on Friday [Feb 28]. Mr. Burt said, “It is imperative that we implement additional aspects of gaming besides casinos. “Last year,... Read more of this article
Charts Only: Opposition’s Reply To The Budget
Shadow Finance Minister David Burt delivered the Opposition’s Reply to the Budget in the House of Assembly today [Feb 28], covering alternative budget ideas, including a number of revenue generation ideas for the government to consider. You can read the full Reply to the Budget here, and charts extracted from it below. Related Stories Charts... Read more of this article
Opposition Delivers Reply To The 2014 Budget
[Updated with video] Shadow Finance Minister David Burt delivered the Opposition’s Reply to the Budget in the House of Assembly today [Feb 28], outlining Bermuda’s current economic situation and what can be done to improve it. Mr. Burt, an IT professional, managed to live tweet his Reply to the Budget while simultaneously speaking in the... Read more of this article
ABIC Responds To 2014 Budget Statement
After a review of Friday’s Budget Statement, ABIC supports the Government’s commitment to a two track policy of growing the economy while taking actions to control and reduce government spending. ABIC Chairman George Hutchings stated, “ABIC supports the actions already taken and those promised to further develop a business friendly environment,... Read more of this article
