The public will have an opportunity to ask any last-minute questions or share any final thoughts regarding the Pre-Budget Report, when Premier David Burt hosts a Live Facebook discussion tomorrow evening (Jan. 16).
Taking place from 6.00 p.m. – 7.00 p.m., and hosted by MP Jache Adams, the Premier will provide an overview of Bermuda’s current fiscal condition and encourage community input during the online info session.
Premier Burt said, “One of the key steps in the budget process is the publishing of a Pre-Budget Report. This Report provides the public with a better understanding of our fiscal aims and objectives, an update on our economy, a summary of the policies under consideration, and solicits feedback. Bermuda’s economy is extremely vulnerable to external events, underlining the need for financial and fiscal prudence. The deadline for Pre-Budget Report feedback and submissions is January 17, so this live discussion is part of our consultation process. It’s vital that stakeholders and citizens are aware of the factors influencing the government’s fiscal policy decisions. And this is their opportunity to give their views, as it will help to ensure we achieve the best outcome for Bermuda.”
The Premier noted that during preliminary discussions with key stakeholder groups some policy initiatives were submitted to the Government for consideration, and were included in the Pre-Budget Report for public feedback. They are:
- Amendments to the existing New Hire Relief that is set to expire this year;
- Consideration Increasing Boat Licensing Fees for large pleasure crafts;
- Consideration Further reduction of Employer Payroll Tax for the hospitality industry;
- Consideration of the reduction of immigration fees for work permit applications;
- Consideration for the reduction of Land Tax; and
- Consideration towards expanding the list of items subject to Customs Duty relief.
Interested members of the public can submit their feedback by emailing openbudget@gov.bm.
To read more about the Premier’s Pre-Budget Report commentary visit: www.gov.bm - Mid-Year Financial Update and Tabling of the Pre-Budget Report & Report of the Fiscal Responsibility Panel | Government of Bermuda (www.gov.bm).
To read last year’s Budget Statement and to learn more about all 2023/24 Budget related information visit: https://www.gov.bm/budget.