BERMUDA-Premier pleased with positive direction of the local economy.

HAMILTON, Bermuda, CMC -Premier David Burt said Friday his administration is on course to return to a balanced budget this year, hinting at tax breaks that could be outlined next year.

Delivering the pre-budget report to legislators, Burt said that his administration is also considering other concessions for Bermudians next year, given the encouraging current financial situation.

He told Parliament that he has no plans to introduce any tax increases in the 2025-26 financial year but will propose cuts in taxes, duties, and fees on various items, including energy, building materials, land tax, and vehicle licenses.

Burt said that a universal healthcare system would finally be launched next year to drive down healthcare costs, also promising a boost in capital expenditure to build more affordable homes and other infrastructure projects.

He said the concessions will be financed in part by an expected US$187 million boost to the economy from the corporate income tax, which is expected to be introduced next year. The net result of predicted revenue and expenditure will be a budget surplus of US$84 million.

“These measures are designed with fairness at their core. They focus on the areas that touch every Bermudian’s life — energy, housing, transportation, and connectivity.

“Each of these initiatives reflects this Government’s understanding of the real challenges faced by our people and our determination to provide meaningful relief to taxpayers,” Premier Burt said, adding, “I wish to affirm my sincere expectation that 2025 will be a transformative year in Bermuda.

“With the first revenue collections from the corporate income tax, we will not only deliver relief but also make strategic investments to ensure long-term prosperity and set Bermuda on a path to repay its national debt.”

He said that universal healthcare and critical infrastructure projects, like replacing the Swing Bridge, will allow the government to lay the foundation for a stronger, more resilient Bermuda.

“This government remains steadfast in its mission to ensure that every Bermudian feels the benefits of our sound fiscal management.

“Through careful planning, prudent decision-making, and inclusive consultation, we are reducing costs for Bermudians while investing in our future,” Brown told legislators.