The creation of a new tax agency to handle the upcoming Corporate Income Tax is set to be discussed by MPs today in the House of Assembly. A long debate is anticipated over this significant legislation, which includes penalties of a $100,000 fine and up to two years’ imprisonment for multinational companies that fail to provide their financial information to the agency. The One Bermuda Alliance has previously criticized the Government for including prison terms in earlier Bills, although adding teeth to legislation such as the Computer Misuse Act 2024 passed the House with ease.
Energy Taxes and Legislative Amendments
On the tax front, a “significant” cut to energy taxes is expected to be tabled, according to Premier David Burt. The Premier announced on Wednesday night that this move aims to offset an increase in electricity bills set to take effect on or after August 1. Additionally, the Bermuda Hospitals Board Amendment Act 2024 will cover the online publication of fees, including those for physicians and dentists visiting the hospital.
Legislators will also discuss the Development and Planning Amendment Act 2024, aimed at improving the operations of the planning department. Two other items will be tabled: the Water Resources Amendment Act 2024 and the Contributory Pensions Amendment of Benefits Order.
Ministerial Statements and Updates
A string of ministerial statements is lined up on the Orders of the Day. Premier Burt will speak on tax reform as well as updating MPs on the Government’s financial performance. Walter Roban, the home affairs minister, will address amendments to the Water Resources Act 1975. Kathy Lynn Simmons, the Minister of Legal Affairs and Constitutional Reform, will discuss improved legal protections for Bermudians. Michael Weeks, the national security minister, is set to deliver a seven-year review.
Three ministers will speak on “building a better and fairer Bermuda”: Lieutenant-Colonel David Burch, the public works minister; Kim Wilson, the health minister; and Diallo Rabain, the education minister. Tinée Furbert, the Minister of Youth, Social Development and Seniors, will give a statement on efforts to strengthen the “social safety net,” while Jason Hayward, the Minister of Economy and Labour, will speak on an agreement between the governments of Bermuda and the United Arab Emirates to “advance government excellence and technology skills development.”
