Duty relief for essential goods, a reduction in payroll taxes for all workers as well as major investments in capital projects and social programmes are expected as the fiscal year starts today.

When David Burt, the Premier, delivered his 2026-27 Budget Statement last month — his last as Premier and Minister of Finance — he hailed the fiscal road map’s publication as “a defining moment”.

The passage of the Appropriations Act 2026 in the Senate last week ended weeks of debate in the Upper and Lower Houses on how the Government will allocate its finances.

The legislation contains the estimates of revenue and expenditure for 2026-27.

The Budget featured a record $2.03 billion in revenue for the coming year, bolstered by an estimated $753 million in corporate income tax revenue, which would be used to fund debt reduction, capital spending and tax cuts for businesses and individuals.

The reduction in payroll tax was announced as a targeted move to increase the take-home pay of Bermudian workers and stir economic activity.

Most of the 14 employer payroll tax categories listed in the Budget Statement will have rates of 7 per cent or less.

From today, the employee payroll tax rate for earnings up to $48,000 will be reduced from 0.5 per cent to 0.25 per cent, and for earnings from $48,001 to $96,000, the rate will decrease from 9.25 per cent to 7.75 per cent.

In Band 3 — earnings from $96,001 to $200,000 — the rate will increase from 10 per cent to 10.75 per cent.

Rates for bands 4 and 5 — earnings of $200,000 to $500,000 and $500,000 to $1 million respectively — will remain the same at 11.5 per cent and 12.5 per cent.

Residents could expect additional “broad” duty relief in 2026-27, designed to “lower the cost of living and stimulate economic growth”.

During the debate, Wayne Furbert, the Junior Minister of Finance, said that tax cuts were earlier made on parts for motor vehicle repairs and in this fiscal year the list would be extended to ten additional tariff codes.

The cuts cover other vehicular items such as pumps, filters, cabling and ignition equipment, with an estimated overall saving of $497,207.

Duty relief will also be introduced for essential imported food items such as fish, seafood, meats, fruits and vegetables, as well as hygiene products.

Mr Furbert said based on existing data, the relief would cut Bermudian household costs across the island by $3.9 million.

A reduction in private car licensing fees by a further 10 per cent will take effect from today.

In his Budget Statement, Mr Burt said that for Bermudian families vehicle licensing was a fixed annual cost and the reduction “provides direct and predictable relief”.

In the energy sector, the Government eliminated the final four cents per litre of customs duty on fuel for electricity generation, which will result in lower energy costs for homes and businesses.

Belco anounced yesterday that the he reductions would take effect today. The fuel adjustment rate will decrease from 13.799 cents per kilowatt-hour to 13.784 cents per kilowatt-hour for the period April 1 to June 30, 2026.

The company said: “This reduction is driven by Belco's fuel procurement strategy, which has allowed the company to offset a portion of the current rise in global oil prices and the elimination of the government tax on fuel in the 2026-27 Budget.”

Belco president Wayne Caines added: “Our procurement strategy is designed specifically to protect customers from the kind of sharp price movements we are seeing in global oil markets right now, and it is working.

“We are also pleased that the Government's decision to eliminate the fuel tax has provided further relief. We will continue to do everything we can to keep the FAR as stable as possible for our customers."