OBA says CIT windfalls and payroll contributions from IB will not fix deep-seated structural problems
“This Budget patches past failures of the PLP Government rather than delivering lasting solutions.”
That’s according to Doug DeCouto, Shadow Minister of Finance, who says Bermudians should feel “underwhelmed” by today’s Budget.
While the Opposition supports initiatives that help seniors, caregivers and health facilities … Mr. DeCouto says the Budget is built on an extraordinary surge in corporate income tax revenue, which he described as a “volatile and unpredictable source.”
Mr. DeCouto also adds that payroll tax reductions, electricity relief and other measures provide temporary relief but do not create a sustainable economy.
For the OBA, items notably missing from the Budget include the sugar tax, which they oppose.
More detail in the above press conference.
