Can we please have an update?

It is now almost exactly six months since the Finance Minister ET Bob Richards unveiled a new General Sales Tax in his Budget.

The story highlight above, also states: ‘Mr Richards said the payroll tax hikes were temporary as the entire system was under review to make it more progressive and ease the burden on lower-income workers.’th

 

So, six months on and we’ve heard nothing more about the GST or the review.

The GST is slated to come into effect in the next tax year, yet, as far as  I am aware, there has been little update as to progress: who will if affect; how will it be managed; will more civil servants be needed etc etc.

Businesses need to plan ahead, so the lack of public disclosure just six months away from the introduction of a brand new tax is concerning, to say the least. Mr Richards promised consultation – even though the GST will come into effect – but has that happened and, if so, who with?

The other issue is the review of the tax system. Where are we with that? The Fiscal Responsibility Panel made delivered its report last December since when, we’ve heard nothing.

Can we please have an update?

 

2 thoughts on “Can we please have an update?

Add yours

  1. The proposed Sales Tax is a huge concern because of the sheer lack of details. As an example, they’ve said insurance will be exempt. What about Bermudian businesses that provide services abroad? Will we be forced to add a service tax on services offered to foreign companies? It is already incredibly difficult to be globally competitive with Bermuda’s extremely high costs.

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