Budget seeks more money to fight global tax proposals
Legislators will this week be asked to commit additional funding for government’s continuing work with large countries over tax and regulatory policies.
As a financial centre, Bermuda faces as many as ten individual assessments from various authorities, David Burt, the Premier told local and visiting insurance leaders as he opened the Bermuda Risk Summit, hosted by the Bermuda business Development Agency at the Hamilton Princess and Beach Club.
One of the key issues is the proposed minimum global corporate tax rate, which the Premier said should affect Bermuda even more than other international financial centres.
Political moves in Washington have led to some doubt that the US Congress can come together on the proposals. And there is consequential doubt that the world’s most influential countries can reach enough consensus to make the global tax change happen.
But for Bermuda, it has been a waiting game. The Premier said yesterday that he is waiting for a decision before empanelling the next Tax Reform Commission, in search of a fairer tax system.
He said that while authorities here are determined to keep the island at the forefront of the international (re)insurance industry with continued growth and innovation in the market, there is a pressing need for ongoing collaboration with international business partners with regard to the exterior challenges.
The Premier sat down for a discussion with Bermuda Business Development Agency CEO, David Hart at the summit, the first major risk event being held in Bermuda since 2019.
It was a “Fireside chat with the Premier of Bermuda”, as Hart provided questions that helped prompt the Premier into discussion about matters of interest to a packed crowd in the Harbourview Ballroom at the hotel.
The morning session was designed to provide an opportunity for the Premier to “describe why Bermuda is the best place in the world to create solutions for the world’s most complex risks, including our capital efficiency, innovative spirit, culture of collaboration and technological prowess).