Corporate Income Tax revenues could reach $600 million a year within two years
Revenues from the Corporate Income Tax could reach $600 million a year within two years of implementation, according to Government.
The pre-budget report laid out 3 years of estimated CIT receipts – starting with 187 million next year, and more than tripling for 2026 and 2027.
Multi-million budget surpluses are also forecast in the report.
Premier David Burt has acknowledged that the projected revenues from the Corporate Income Tax appear “mind boggling”.
Economist Craig Simmons recently cited some concerns about more and more of Bermuda’s tax burden resting on the International Business sector.
Additionally, projected incomes from the corporate income tax, much like our current high payroll tax receipts, are reliant on the success of the International Business Sector.
Gary Foster Skelton sat down with Premier and Finance Minister David Burt to talk about the pre-budget report (report available here).
