Lower payroll tax, higher take-home pay, and relief for businesses promised
FDM logo
The Free Democratic Movement unveiling their economic policy this afternoon. The 5 page document outlines four core principles (fiscal responsibility, market-driven growth, empowering through economic participation, customs duty and payroll tax reforms) alongside a timeline for policy implementation.
The party promises to simplify customs duties to a flat 15% rate and reduce customs duties for registered businesses in the short term (0-1 year). Medium term (years 2-3) goals include the promotion, development, and export of Bermudian-produced products including alcohol, honey, spices, and other goods. The FDM also seeks to replace the Bermuda Tourism Authority “with a privately funded Tourism Stakeholders Council, led by private sector leaders, to drive marketing and innovation without reliance on government funding.”
Economic diversification will target ‘i-Gaming’, the cannabis industry, offshore fishing, and international education: “Upgrade Bermuda College to a university, hosting 200 international students annually, generating tuition and other related revenues.”
You can read the full document, below.
