Shadow Finance Minister highlights need for transparency on corporate tax funds and long-term structural change
The Opposition has weighed in on the recently released Tax Reform Commission report.
The OBA supports recommendations to reduce debt, stabilize government funding and improve healthcare access for seniors and the underinsured.
But while Shadow Finance Minister Dr Doug De Couto broadly welcomed the report, he warned against complacency and urged Government to act swiftly.
The OBA also noted the TRC’s call for transparency around how Corporate Income Tax funds will be allocated, managed, and governed.
Dr DeCouto said money has to be put aside for potential tax refund reserves – but he posed a hypothetical scenario, such as a hurricane.
While Dr DeCouto says the report outlines safety measures, such as a stability fund, he warned that without an international tax advantage, IB companies will be examining what Bermuda can really deliver for them.
