Bermuda's Ministry of Finance reported a preliminary fiscal 2025/26 budget surplus of BMD 169.6 million, almost four times the original BMD 43.3 million estimate, primarily reflecting higher corporate income tax receipts. Premier and Minister of Finance E. David Burt also confirmed that pump prices have been frozen at March 2026 levels and said the government will announce further tax reductions and cost of living relief when the legislature returns in November. Revenue is projected at BMD 1.57 billion, BMD 143.5 million above budget. Corporate income tax collections are expected to reach BMD 291 million, exceeding the original estimate by BMD 103.5 million, while payroll tax receipts are projected at BMD 637 million, BMD 15 million above budget. Current expenditure excluding interest is expected to be BMD 1.13 billion, BMD 24.8 million above budget, while capital expenditure is projected to be BMD 142 million, BMD 7.8 million below budget. The figures remain preliminary while the Office of the Auditor General completes its audit of the Consolidated Fund Financial Statements for the year ended March 31, 2026.
Bermuda's Ministry of Finance reports preliminary BMD 169.6 million surplus and signals further tax relief
Bermuda's Ministry of Finance reported a preliminary fiscal 2025/26 surplus of BMD 169.6 million, BMD 126.3 million above budget, as corporate income tax receipts exceeded estimates. Pump prices have been frozen at March 2026 levels, and further tax reductions and cost of living relief are due to be announced in November.