Industry group supports payroll tax relief but warns global competition remains fierce
International business has weighed in on the Budget, with the Association of Bermuda Insurers and Reinsurers backing plans to use Corporate Income Tax proceeds to cut debt.
John Huff, President & CEO, ABIR said: “As the expected largest contributors to Bermuda’s corporate income tax, ABIR members are pleased to see Government committed to using the CIT proceeds for debt reduction and fiscal discipline including the repayment in full of the $605 million senior notes maturing in January 2027.
“Additionally, the Government’s first step in reducing employer payroll taxes is also positive — and there’s more to be done. The retention and creation of Bermudian jobs, the backbone of the economy, will require a sustained commitment to reduce the cost of doing business on island including health care costs. Global competition remains fierce.
“ABIR is pleased to continue to partner with Government to make Bermuda the jurisdiction of choice.”
