Statement by the Minister of Finance, The Hon. Curtis L. Dickinson, JP, MP

I am appreciative of the concerns that some have recently expressed about the new land tax structure.

Putting together our current budget was a challenging exercise, one in which we have tried to achieve balance, wherein we had to gain additional revenue while minimizing any potential negative impact on the economy. We were very mindful of the human impact that our budget would have as we took a number of actions to address the islands fiscal challenges; among them our national debt.

Remarks by The Minister Of Finance The Hon. Curtis L. Dickinson JP MP

Good afternoon.

In recent days there have been media reports and some public speculation regarding the project at Morgan’s Point, known as the Caroline Bay Development.  It is important to set out some facts for the Bermudian taxpayer whose hard-earned tax dollars are pledged in support of this development by way of a government guarantee.

Bermuda Financial Policy Council (Council) held its tenth meeting on 24th April 2019. The meeting was hosted by the Bermuda Monetary Authority (BMA).

Ministerial Statement by the Ministry of Finance, the Hon. Curtis L. Dickinson, JP, MP.

Mr. Speaker, I rise to provide further background information on the action by the European Union (EU) Committee of Finance Ministers, known as the Economic and Financial Affairs Council configuration (ECOFIN), to include Bermuda along with several other countries on its list of non-cooperative jurisdictions for tax purposes.

Mr. Speaker, I rise to provide further background information on the action by the European Union (EU) Committee of Finance Ministers, known as the Economic and Financial Affairs Council configuration (ECOFIN), to include Bermuda along with several other countries on its list of non-cooperative jurisdictions for tax purposes.     Mr. Speaker, Bermuda is a cooperative jurisdiction with the EU for tax purposes.

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.

Ministerial Statement by the Minister of Finance, The Hon. Curtis L. Dickinson, JP, MP

Mr. Speaker, Honourable Members are advised that on Thursday November 15, 2018, the Ministry of Finance successfully accessed the international capital markets and raised US$620 million in “long” 10-year bonds. Therefore, in accordance with Section 2 (3) of the Government Loans Act 1978, I am pleased to rise this morning to inform this Honourable House of the execution of this borrowing transaction pursuant to the requirements of the Act.

The Ministry of Finance today reported on the 2018/19 First Half Fiscal Performance and provided an updated Economic Review for 2018.

2018/19 First Half Fiscal Year Performance:

The headline numbers for the 2017/18 National Budget were: a revenue target of $1.09 billion; current expenditure of $1.2 billion, including debt service; capital expenditure of $62.2 million; and a projected deficit of $89.7 million.

The Junior Minister of Finance, Mr. Wayne Furburt, JP, MP, today addressed statements issued to the media by the Opposition.

Mr. Furbert stated, “This Government is committed to helping all people, not just the wealthy who can find loopholes in systems to serve their financial needs. We believe taxes should be paid according to an ability to pay. If you are paid more, through salary, bonuses, profit-sharing or partnership fees, it should all be taxed.

Premier and Minister of Finance, the Hon. David Burt, JP, MP, during a recent trip to New York, was interviewed by Lyanne Alfaro on Nasdaq's Spotlight. 

The Premier answered questions on why Bermuda has moved into the FinTech space and how the island is promoting economic growth and success. Premier Burt also discusses the legislation created to encourage banks to provide their services to FinTech companies and the competitive advantage Bermuda will have when E-ID is introduced next year.