The Ministry of Finance supervises the economy of Bermuda generally and provides an overall framework for the financial management and control of government activities and finances.
What do they do?
The following departments fall under the MOF’s authority:
- The Accountant General
- Social Insurance
- Office of the Tax Commissioner
- Customs tariff and duty collections
The Minister of Finance also has responsibility for the National Pensions Commission and the Bermuda Monetary Authority.
The Ministry of Finance runs the following units to manage Bermuda’s finances:
Policy, Planning, and Management
- provides overall direction and management of the MOF
- delivers supervisory oversight of the departments in the MOF
- undertakes strategic economic planning
- manages the MOF’s public relations
- organizes the co-ordination, review, and development of economic and financial policy.
Economic and Financial Intelligence
- performs research and analysis of economic and financial conditions
- provides economic forecasts, economic modeling, projections of GDP, development of key economic indicator.
- analyses and comments on economic and financial statistics
- produces an annual and mid-year economic review and outlook
- manages the relationship with credit rating agencies and government lenders
- responsible for government debt management policy
- oversees the public pension fund
Fiscal Planning and Control
- manages, collects, and collates consolidated fund budget data
- monitors and controls overall government expenditures and the achievement of government revenues
- reviews and develops the annual Capital Expenditure Plan
- oversees and controls public debt
- rolls out the Medium Term Budgeting initiative throughout government
- provides policy advice, governance, and administrative services on regulatory policy matters (for financial services) of the Government of Bermuda
- oversees the MOF component of the legislative program for the Bermuda Monetary Authority
- provides policy advice to the Financial Secretary and the Minister of Finance on anti-money laundering and European Union financial services regulatory policy initiatives
- negotiates and administers agreements related to the Bilateral Tax Information Exchange with member countries of the European Union, G20, Organisation for Economic Cooperation and Development, white-listed jurisdictions, and other key countries and Multilateral Tax Information Exchange with approximately 100 countries pursuant to the Multilateral Tax Convention. Read the OECD Secretary-General Report To The G20 Leaders
- manages relationships regarding tax matters
- manages and administers requests for information received under the provisions of Bermuda’s tax agreements
- ensures that Bermuda operates in keeping with the common reporting standard for the OECD.