A One Bermuda Alliance MP highlighted the need for transparency, accountability and careful handling of corporate income tax revenue as he noted the benefits it is hoped to yield for the island’s fiscal, social and infrastructure issues.

Douglas De Couto, the Shadow Minister of Finance, presented a motion in the House of Assembly that note was taken of the opportunities, challenges and risks arising from Bermuda’s CIT.

MPs debated the motion without voting on it.

Dr De Couto said: “We have a window of breathing room when these funds start coming in that gives a generational or even a multigenerational window to make real reform of the underlying issues, whether they be infrastructure, healthcare and so forth.”

He said that the CIT was vital to Bermuda’s financial future and suggested the anticipated revenue be used to pay off debt, invest in crumbling infrastructure and go towards social support.

Dr De Couto told the House on Friday: “Targeted social support means making sure the money is used with the best impact for those who need it most — not these broad-brushed, 10 per cent off your vehicle licence for everybody, even if you’ve got a big fancy car.

“If we have this short-term political thinking, we’re going to leave our future generations hung out to dry.”

He accused the Government of withholding information about how the revenue would be spent.

Responding to the motion, Wayne Furbert, the Junior Minister of Finance, said: “This Government has done much more than take note, we anticipated global change, we stood by and stood for Bermuda’s sovereignty, we acted while others commented.”

He added: “We refused to sit idle and hope the world would say the same, we made the decision that protects Bermudian jobs inside Bermuda, not overseas.”

Scott Pearman, the deputy Opposition leader, said that CIT opportunities may not last owing to the nature of the insurance industry.

He explained: “There could be catastrophic events, like the hurricane in Jamaica or the California fires.

“Because of the riskiness of that cashflow over the coming years, if we happen to be so fortunate as to land $1 billion in tax revenue, take most of that and pay down the debt.”

Mr Pearman added: “If we could pay down, or even better, pay off the debt, that’s $125 million more [per year] into this government’s coffers for it to spend on Bermuda and Bermudians, so it makes eminent good sense.”

Robin Tucker, the Shadow Minister of Youth, Social Development and Seniors, hoped the funds could be used to create a nursing and rehabilitation unit at Morgan’s Point.

The Government signed a memorandum of understanding with Medical Consulting Concepts Management in August to create a healthcare facility at the site.

Ms Tucker said: “That [unit] would be at the very top of my wish list — we need it, it is something that is critically important to the entire country.”

She noted that the creation of such a facility would “alleviate some of the burden on the hospital”.

David Burt, who spoke at the end of the motion, said: “We have a budgetary process that runs with a pre-Budget report which will be released on December 18, all members of the community, including the Opposition, may feel free to make any recommendations therefore about going forward.”

The Premier and Minister of Finance added: “All things which are being stated, we know recognise and understand it and the Government will take on board any comments from all members of society as we prepare the Budget as we do in any given year.”