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Bermuda could be facing serious financial cuts due to poor Government revenue according to the Bermuda Democratic Alliance (BDA).
Premier and Finance Minister Paula Cox told the House of Assembly, Government received $446 million in revenue during the first half of the 2010/2011 fiscal year.
BDA Finance spokesman Michael Fahy said he believed this meant Government was 15.7 percent behind initial predictions and could be facing a $166 million shortfall if the trend continued.But last night Ms. Cox said such a statement was “erroneous” and did not take into account that taxes are not paid evenly year round.
The Central Government’s bonded debt jumped by 13.2 percent from June 2009 to June 2010 to bring the new figure to $94.76B.
In its half year report, the Bank of Guyana attributed the rise to “an increase in the issuance of treasury bills to sterilize excess liquidity”.
According to the report, the outstanding stock of Government domestic bonded debt consists of treasury bills, debentures, bonds and the CARICOM loan. The increase from one year earlier reflected the expansion in the stock of outstanding government treasury bills. Meanwhile the CARICOM loan and debentures contracted.
The transaction was a reopening of the 8.25 percent senior notes due 2017 first issued in December 2009. The bonds were priced at 102.75 to yield 7.54 percent.
Wireless services provider Digicel operates in the local telecommuications market, but Bermuda is also the group’s corporate domicile.
The Development Bank of Jamaica (DBJ) has further cut its interest rates on loans for energy-saving projects.
With the latest cut, the rate is now at an all-time low of 9.5 per cent, down from 9.75 per cent.
In the first quarter of this year alone, Guyana has spent some US$321.76M on importing goods.
This is according to a report on trade compiled by the Bureau of Statistics.
At the top of the country’s shopping list is the item classified under the SITC3 Group number 334 and listed as Fuel and Lubricant by the Bureau.
On Tuesday, 7 December 2010 the World Bank in collaboration with the Eastern Caribbean Central Bank will launch two projects geared towards strengthening the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC) and the accountability of the Non-Banking Financial Sector.Funding was provided by the World Bank in the amount of US$455,000 for each project.
Bermuda has signed a Tax Information Exchange Agreement with economic powerhouse China.
Premier Paula Cox and Wang Li, deputy commissioner of the State Administration of Taxation of China, finalised the agreement at Camden.
A delegation from the People’s Republic of China joined Government Senators, Ministers and Opposition leaders at the ceremony.
The document is Bermuda’s 24th TIEA and China’s sixth.
The Asian nation is the second largest trading country in the world, with the biggest population.