Caribbean Corner

Bermuda Prime Minister David Burt recently said that his administration is on course to return a balanced budget this year. While delivering the pre-budget report to legislators, Burt said his administration is also considering other concessions for Bermudians given the encouraging current financial situation and that he has no plans to introduce any tax increases in the 2025-26 financial year, but there will be proposed cuts in taxes, duties, and fees on a range of items, including energy, building materials, land tax, and vehicle licenses. Burt said that next year, a universal healthcare system will finally be launched to drive down healthcare costs, promising also a boost in capital expenditure, which will be used to build more affordable homes and other infrastructure projects. He said the concessions will be financed in part by an expected US$187 million boost to the economy from the corporate income tax, which is expected to be introduced next year. The net re...