2019/2020 Pre-budget Report

21 January, 2019

Today we are issuing the Government’s Pre-budget Report in advance of the 2019/2020 Budget.  This document will provide everyone with an opportunity to understand the focus of the next Budget and to allow us to hear from you, from the people of Bermuda . . . your thoughts and your concerns.

We encourage everyone once they have read the Pre-Budget Report to submit their thoughts, recommendations and concerns by email to openbudget@gov.bm and to attend the public meeting that will be held.

In keeping with our 2017 General Election Platform pledge on openness and transparency, our budget process is clear and transparent and our Pre-budget report explains the factors driving the Government's fiscal policy decisions while giving everyone the opportunity to make their views known.

We anticipate that this report will give the public a better understanding of our aims and objectives as well as encourage debate on the budget strategy and how effectively it copes with current economic and social priorities.

This report will also provide an opportunity for stakeholders such as business and social groups to understand and comment on options for the next budget. This can give stakeholders confidence that the administration’s budget policies are grounded in longer-term fiscal and budget strategies.

As we did last year, we will have a series of meetings in the coming weeks with members of the International Business community, the Chamber of Commerce, local businesses as well as the Trade Union Congress (TUC) leaders.

Once the consultation period has ended, on 31 January, we will evaluate all responses we have received as we finalise the Budget.   For the public’s convenience, we have posted the Pre-budget Report at www.gov.bm/prebudgetreport and once again, we encourage you to submit your comments to openbudget@gov.bm.

On Friday 22 February, I will deliver the 2019-2020 Budget Statement in the House of Assembly.  The goal of the 2019 Budget will be to ensure that all Bermudians benefit from our economy’s success while we grow Bermuda’s economy.

We want to hear from you. So please take a few minutes to read the Pre-budget Report and let us know what you think!

I thank Junior Minister the Hon. Wayne Furbert for his work on this report and the public officers in the Ministry of Finance who have assisted in its preparation.


Tax Reform Commission

The Tax Reform Commission was formed under the Tax Reform Act 2017 with the objective of advising the Government of any measures to improve Bermuda’s system of taxation and revenue collection, in accordance with the functions set out in section 5 of the Act and the Terms of Reference prescribed by the Premier and Minister of Finance, the Honourable E. David Burt, JP, MP.

The Tax Reform Commission was given the following mandate by the Minister of Finance:

Examine Bermuda’s tax system and determine any measures that may be taken to best enable a system of taxation and revenue collection that is equitable, effective, efficient, competitive and transparent;

Increase public sector revenue yield from 17% of GDP to a minimum of 20%-22% of GDP; and

Prepare and submit The Bermuda Tax Reform Commission's Report and recommendations in accordance with section 7 of the Tax Reform Act.