HAMILTON, Bermuda (CMC) – Bermuda’s Premier David Burt says his administration is on course to return a balanced budget this year, hinting at tax breaks that could be outlined next year.

Delivering the pre-budget report to legislators on Friday, Burt said that in addition, his administration is also considering other concessions for Bermudians next year given the encouraging current financial situation.

He told Parliament that he has no plans to introduce any tax increases in the 2025-26 financial year, but that there will be proposed cuts in taxes, duties and fees on a range of items, including energy, building materials, land tax and vehicle licences.

Burt said that a universal healthcare system will finally be launched next year in order to drive down healthcare costs, promising also a boost in capital expenditure in order to build more affordable homes and other infrastructure projects.

He said the concessions will be financed in part by an expected US$187 million boost to the economy from corporate income tax, which is expected to be introduced next year and that the net result of predicted revenue and expenditure will be a budget surplus of US$84 million..

“These measures are designed with fairness at their core. They focus on the areas that touch every Bermudian’s life — energy, housing, transportation and connectivity.

“Each of these initiatives reflects this Government’s understanding of the real challenges faced by our people and our determination to provide meaningful relief to taxpayers,” Premier Burt said, adding “I wish to affirm my sincere expectation that 2025 will be a transformative year in Bermuda.

“With the first revenue collections from the corporate income tax, we will not only deliver relief, but also make strategic investments to ensure long-term prosperity and set Bermuda on a path to repay its national debt.”

He said that from universal healthcare to critical infrastructure projects like the replacement of Swing Bridge, will allow the government to lay the foundation for a stronger, more resilient Bermuda.

“This government remains steadfast in its mission to ensure that every Bermudian feels the benefits of our sound fiscal management.

“Through careful planning, prudent decision-making and inclusive consultation, we are reducing costs for Bermudians while investing in our future,” Brown told legislators.