On behalf of the Government and people of Bermuda, we extend our heartfelt sympathies to our neighbours in the Caribbean islands devastated by Hurricane Irma and those bracing for impact. Our sincere condolences go out to the families of those killed during this enormous catastrophe.

The death, destruction and devastation across the Caribbean is massive, and the heart wrenching images of areas that have suffered total destruction are very saddening to me, my fellow Bermudians and I am sure to the rest of the world.

Good afternoon members of the media and Bermuda.

These are fast-moving times, and this Government is committed to ensuring Bermuda keeps up. We have hit the ground running and intend to maintain that momentum.

I have promised regular updates on the Government’s plans as we progress our agenda for a better and fairer Bermuda and this is why I stand before you today.    

In order to provide jobs for Bermudians and ensure that all of Bermuda prospers, not just one segment, we must focus on the economy.

The Customs Department has recently taken note of a growing number of online posts advertising the sale of restricted goods imported free of duty. 

Customs would like to remind persons who have imported goods with the benefit of duty relief of their obligation to make prior application to Customs to sell or donate such goods.  The Collector may approve sale or donation of such goods on payment of the outstanding import duty. 

The Bermuda Government launched a new Tax Information Reporting Portal today - an important and necessary initiative arising out of new international requirements.

The Ministry of Finance is taking steps to ensure Bermuda is in compliance with the latest global tax cooperation standards.

Deputy Premier and Minister of Finance the Hon. E.T. Richards JP MP stated that the project has been completed after many man hours and significant expense.

Under new legislation being proposed, local companies will be required to file changes to their beneficial ownership. Companies are now being urged to review the proposals contained in a consultation paper on the subject.

This is a first for local companies in Bermuda, where the current requirement is for such companies to file beneficial ownership information at the time of formation, with no obligation to provide an update. The proposed amendments to the law will ensure that information about ownership of local entities is updated and accessible.

The Financial Policy Council (FPC) has held its fifth meeting at BMA House in Hamilton, Bermuda.

The Council, established in 2015, advises the Ministry of Finance and the Bermuda Monetary Authority on financial system stability in Bermuda. Its purpose is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats. It also advises on development of the financial stability framework in Bermuda, and makes policy recommendations designed to support the general economic and financial well-being of the country.

Ministerial Statement by the Minister of Finance, The Hon. Everard T. Richards, JP, MP

Ministerial Statement by the Minister of Tourism, Transport & Municipalities, Senator, the Hon. M. Michael Fahy, JP.

Madam President, I wish to update members of the Senate and the people of Bermuda on the accomplishments of the Bermuda Casino Gaming Commission to date, and the extraordinary work they continue to do.

Ministerial Statement by the Minister of Finance, The Hon. E.T. Richards, JP, MP.

Mr. Speaker, I am pleased to table audited financial statements relating to the Consolidated Fund for the year-ended March 31, 2016.

Good afternoon,

The National Budget for 2017/18 moves Bermuda closer to our goal of having a balanced budget, whereby no money will be required to be borrowed to finance the needs of Government.

Projections for 2018/19 indicate that the Current Account surplus will cover interest charges and capital expenditures, meaning that for the first time in 15 years, Government will not be adding new net debt, and will start reducing it.