Bermuda Premier David Burt Delivers Pre-Budget Report

Return to Balanced Budget Expected

Bermuda Premier David Burt has announced that his administration is on course to return to a balanced budget this year, with a hint of tax breaks that could be outlined next year.

During the pre-budget report, Burt told legislators that his administration is also considering other concessions for Bermudians next year, given the encouraging current financial situation.

Tax Cuts and Concessions

Burt announced that there are no plans to introduce any tax increases in the 2025-26 financial year but will propose cuts in taxes, duties, and fees on various items, including energy, building materials, land tax, and vehicle licenses.

Universal Healthcare and Infrastructure Projects

A universal healthcare system is expected to be launched next year to drive down healthcare costs, with a boost in capital expenditure to build more affordable homes and other infrastructure projects.

Budget Surplus

The concessions will be financed in part by an expected US$187 million boost to the economy from the corporate income tax, which is expected to be introduced next year. The net result of predicted revenue and expenditure will be a budget surplus of US$84 million.

Conclusion

Premier Burt’s administration is committed to providing meaningful relief to taxpayers while ensuring the long-term prosperity of Bermuda. The proposed measures aim to reduce costs for Bermudians while investing in the country’s future.

Frequently Asked Questions

* What are the tax cuts and concessions proposed by the government?
+ Tax cuts and concessions on various items, including energy, building materials, land tax, and vehicle licenses, are proposed to reduce the financial burden on Bermudians.
* What is the expected impact on the economy?
+ An expected US$187 million boost to the economy from the corporate income tax, which is expected to be introduced next year, is expected to drive growth and reduce unemployment.
* When will the universal healthcare system be launched?
+ The universal healthcare system is expected to be launched next year to drive down healthcare costs and improve access to quality healthcare services.
* How will the government ensure long-term prosperity?
+ The government plans to invest in infrastructure projects, build more affordable homes, and reduce debt to ensure a strong and resilient future for Bermuda.