Today’s Budget promises are founded on high revenues from the Corporate Income Tax – but Premier David Burt stressed that future revenues could vary wildly
It almost seems too good to be true… the massive windfall from the Corporate Income Tax is enabling many of the benefits Government is promising Bermudians in the next fiscal year.
The expected windfall is much higher than original conservative estimates… delivering almost $100-million more this fiscal year, and $150-million the next.
More Bermudians have a chance to truly feel the benefit of a strong International Business sector, the Premier added.
Premier Burt acknowledged, however, the innate volatility of this tax, and said it cannot be the foundation on which Bermuda Budgets are built.
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