Hashtag: #BermudaGovernmentRevenue
Video: OBA’s Review Of Bermuda’s Finances
[Updated] Last week the Minister of Finance declared that the recovery had begun and it is not responsible for a Finance Minister to make a declaration that is not backed up with hard data, Shadow Finance Minister Bob Richards said yesterday [Sept 5]. “I have heard some critics ask, “Well, what would you cut?”; as though that was some sort... Read more of this article
Government’s Balance Of Payments Publication
The Department of Statistics has released the first quarter Balance of Payments and International Investment Position. The report said the value of goods imported fell by 4%, receipts from services transactions fell $23 million, receipts from business services decreased $16 million, receipts from government services fell $6 million and payments for... Read more of this article
OBA: Debt Levels Grown Over 700% Since 2005
[Updated with video] Government’s interest payments on the debt amount to $230,000 dollars a day, which take away its ability to fund other areas such as public services, support for teachers, and ferry/bus maintenance, OBA candidate and spokesman for the Shadow Board on Finance Sylvan Richards said at a press conference this afternoon [Aug 29]. A... Read more of this article
Proceeds Of Crime: Bermuda Receives $672,225
[Updated with video] US Consul General Grace Shelton handed over a cheque for $672,225 to Premier Paula Cox this afternoon [Aug 15], with the funds representing Bermuda’s share of assets forfeited to U.S authorities from an illegal internet pharmacy operation based in the United States. The operation laundered its proceeds abroad, including through... Read more of this article
Fitch Ratings Downgrades Bermuda To ‘AA’
[Updated with Premier/OBA response] Fitch Ratings has downgraded Bermuda’s Long-Term Foreign Currency IDR to ‘AA’ from ‘AA+’, and Long-Term Local Currency IDR to ‘AA+’ from ‘AAA’. A statement released by Fitch today [June 26] said, “The downgrade of Bermuda’s ratings reflects its weak... Read more of this article
Government To Meet With Potential ‘Investors’
[Updated] The Bermuda Government issued a statement saying they will be “meeting domestic and international investors to provide an update on economic/fiscal developments in the Country, and also as part of its process of evaluating market conditions and potential funding opportunities to address its borrowing requirement…” Shadow... Read more of this article
New Post Office Fees Now In Effect
The Bermuda Post Office issued a statement reminding the public that the newly implemented postal fees are now in effect. “The new fees have been implemented to offset the Post Office’s operating costs for its services. And the levying of fees on postal services is in keeping with the standard practices of other jurisdiction’s postal administrations,... Read more of this article
25% Duty Rate Takes Effect On April 1st
Effective 1st April 2012, there will be a new standard 25% import duty rate for nonbusiness goods. “Special” rates of duty, including zero-rates [0%]; higher rates [33.5%, 75%, 150%]; and specific rates [e.g. litres or litres of alcohol], will remain unchanged. The standard 25% duty rate and the special rates will be paid for goods imported by personal... Read more of this article
Post Office Fees To Increase April 1st
The Bermuda Post Office has implemented postal fee increases which will be effective April 1, 2012. Minister of Economy, Trade and Industry, Patrice Minors said the new fees have been implemented to offset the Post Office’s operating costs for its services. “The pro bono provision of postal services by BPO is no longer sustainable in the face... Read more of this article
Fahy: Increase Business To Create Jobs
Speaking in the Senate this morning [Mar.21], Senator Michael Fahy said the One Bermuda Alliance would address the debt by increasing opportunities for international business which will create jobs and increase payroll tax collected. “We would streamline the work permit process all the while protecting jobs for Bermudians and enhancing opportunities... Read more of this article
TCD Will No Longer Accept Checks
“The Transport Control Department (TCD) is advising the public that it will no longer be accepting personal or business checks, but rather cash, manager’s check, Mastercard or Visa only,” said a Transport Ministry spokesperson. “And TCD further advises businesses with large transactions to consider paying by corporate card or manager’s... Read more of this article
Premier: ‘Debt Represents Investment’
The debt that “the OBA screeches about represents investment in Bermuda’s future,” Premier and Minister of Finance Paula Cox said today [Mar.2] following the Opposition’s Budget 2012 Reply. Shadow Finance Minister Bob Richards noted the 2012/13 Budget “adds a staggering $200 million to our debt” and provided a chart showing... Read more of this article
OBA Delivers Reply To The Budget
[Updated] We are facing the greatest economic disaster in Bermuda’s history, Shadow Finance Minister Bob Richards said this morning [Mar.2] as he delivered the One Bermuda Alliance’s reply to the 2012/13 Budget in the House of Assembly. “We have major concerns about the Government’s Budget for the coming fiscal year. If you had asked... Read more of this article
$27M Owed In Social Ins. Payments
As of November 2011 there were 2,677 companies which are 60 days in arrears owing over $27 million in Social Insurance contributions, Junior Finance Minister David Burt said yesterday [Feb.29] in the Senate. The figures were released after Opposition Senator Toni Daniels tabled Parliamentary Questions for the Junior Minister yesterday. When asked whether... Read more of this article
Air Control Could Gross $25/28 Million
If we bring our airport up to standard the Government could gross between $25 million and $28 million a year in revenue, Transport Minister Derrick Burgess said at yesterday’s [Feb.24] post-budget press conference. The Ministry of Transport has been given a budget of $79.5 million for the coming year, an increase of over $3.2 million from last year.... Read more of this article
Thomson: “Sad Day For Consumer”
Mailboxes Unlimited president Steve Thomson said it is a “sad day for the consumer in Bermuda,” following the news in the 2012/13 Budget that duty at all ports of entry will be 25%. Noting it represents close to a 400% increase on duty on clothing, Mr Thomson questioned whether local clothing retailers were “negotiating the increase... Read more of this article
