The Premier and Minister of Finance, the Hon. David Burt, has issued the following statement tonight regarding Bermuda Skyport's announcement today that its shareholder, Aecon, has entered into an agreement with Toronto-based investment asset management firm Connor, Clark & Lunn Infrastructure ("CC&L Infrastructure") to sell a 49.9 percent stake in Skyport.

Premier Burt stated, "It is disappointing that Bermuda's elected Government and Bermuda's taxpayers have to sit idly by while foreign companies sell our airport for their own profit. 

Consumers paid 3.8 per cent more in October 2022 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].

The Ministry of Economy and Labour released the October 2022 CPI from the Department of Statistics.

Today, the Ministry of Economy and Labour released the September 2022 Retail Sales Index. 

September’s volume of retail sales decreased 1.8 per cent compared to last year.  In value terms, retail sales increased to an estimated $97.5 million.

Compared to the pre-pandemic period of September 2019, volume sales were 0.6 per cent lower.

Three of the seven sectors recorded volume declines in September 2022.   

Mr. Speaker, among the most expensive items we must buy in our everyday lives is gas or diesel for cars and bikes. We make time to work, we take our children to school, we take an elderly relative for a drive or we use a vehicle to ply our trade. Every Bermudian makes use of fuel and is impacted by an increase in its cost.

Mr. Speaker, Honourable Members and the public may have noted that in January there was an increase of 1.7% for gasoline and an increase of 3.2% for diesel. In February the increases were 4.9% for gasoline and 4.7% for diesel.

Mr. Speaker, I am pleased to introduce for the second reading the Bill entitled the “Land Valuation and Tax (Special Provisions and Postponement of Preparation of Draft Valuation List) Act 2020”. This Bill seeks to modify the effect of the Land Valuation and Tax Act 1967 (“the 1967 Act”) so as to extend the validity period of the current valuation list and postpone the preparation of the next draft valuation list for Bermuda.

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.

The Government of Bermuda notes further reports today of a 2016 multi-site cyber-attack on a globally headquartered law firm including its offices in Hamilton, Bermuda.  We note much of the narrative concerns foreign nationals in other jurisdictions.

The Government takes these matters extremely seriously and is reviewing developments with all parties concerned, including the relevant international authorities.  Bermuda consistently ranks as a global leader in tax and transparency, with tax treaties with over 100 governments.

Ministerial Statement by the Premier and Minister of Finance, The Hon. David Burt, JP, MP

Mr. Speaker, I am pleased to update Honourable Members on the EU list of non-cooperative jurisdictions in taxation matters.

Payroll Tax, levied under the Payroll Tax Act 1995 and the Payroll Tax Rates Act 1995, is a tax on all employers, self-employed persons, and deemed employees on the remuneration paid in their business.