There is essentially no change in land tax across the board. But a new tax band has been introduced for higher end Annual Rental Values of $90,000 or over or the top two percent. However, the Minister said that in cases where, for example, an elderly person was unable to pay the tax an exception would be made. Each case will be taken on a case-by-case basis. This will raise $1.6 million.

Stamp Duty Adjustments will be made to the rate of tax applicable to conveyance or real property and the rate applicable to settlements. The rate of tax on the first $100,000 will be increased from two percent to 2.5 percent. The upper limit of the third band of percent will be reduced from $800,000 to $500,000. The effect will be that stamp duty, the duty paid for legal documents, of 15 percent will be charged on that portion of the value of a settlement that exceeds $700,000 (compared to a previous threshold of $1 million). This will raise an additional $1.5 million.

Fuel and Transport The duty on fuel being brought in will go up across the board by five percent.

All licences of motor vehicles will go up by five percent. In addition cars in class A to D will go up $50 and cars in class E to G will go up by $100. All motorbike licences will go up $10. There is no increase in the cost of ferries or buses. This will raise $5.5 million.

Cell phones Cell phones will now have an annual licensing fee of $24 in the first instance. All existing three years licences will be able to run until they expire. This is expected to raise $0.2 million.

Refuse Disposal The tax on commercial refuse disposal will be $35 per ton, and will raise $1.5 million in revenue.

Company Fees There will be no additional charges for company fees, but banks in Bermuda will be charged an additional $1 million in taxes, the amount depending on their assets.

Customs Duties There is no change on the amount of customs duty due. But Government said it proposes to change "certain other rates'' of duty with immediate effect and streamline some of the tariff classification to "reduce administrative burden''.

The cost of calling: The Government has introduced the annual licensing of cell phones. Existing three year licences will be able to run to maturity but the annual licence is to be $24.