Yesterday, the Premier and Minister of Finance, the Hon. David Burt, JP, MP, provided the following statement to clarify recent incorrect opposition commentary regarding the Corporate Income Tax (CIT).
Premier Burt said, “In the 2025/26 Budget, the Government projected that revenue received from corporate income tax (CIT) will be roughly $187.5 million in the coming fiscal year. This is 25% of the estimated $750 million in Corporate Income Tax revenue that the Government expects to receive annually from the new CIT.
“On Friday, in their continued effort to sow speculation and uncertainty, the Shadow Finance Minister claimed that the Government does not know how much revenue will be received from CIT. The Opposition is being mischievous and hoping to create confusion on an issue of national importance. The OBA is well aware that the Government has based its estimates on input from international tax advisors, and those figures have been compared with estimates received from the OECD, which have confirmed that the projection of $750 million is sound.”
The Premier and Minister of Finance continued, “This Government has a strong track record of conservative projections for revenue, and exceeding those projections thanks to prudent economic and fiscal management. This includes the surplus we delivered in this year’s budget, where we projected a surplus of $210 thousand, but delivered an actual surplus of $19.7 million dollars”
“Our success belongs to the people of Bermuda. Because of the Government’s strong economic management, we will have record investment in affordable housing, further tax relief, further reductions in fuel duty, expanded coverage for HIP and Futurecare, and increased funding for scholarships.
“Either the Opposition is trying to sow speculation or is simply ignorant of the facts that they have been presented on multiple occasions. Despite this, this Government will continue its work in building a fairer and more affordable Bermuda for all.”
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