Enhancing the Island?s economy by helping new and existing businesses in the North-East corner of Hamilton, an area designated an economic empowerment zone, and setting up a council of economic advisors involving business and industry leaders, are two initiatives with Finance Ministry involvement.

And unscrupulous company directors who illegally withhold pension payments owed to their employees will be brought to book and penalised under changes to the law drawn up for the new Parliamentary session.

Finance Minister Paula Cox said there will be changes and amendments to the Industrial Amendment Act to provide tax relief of businesses operating within the economic empowerment zone in north Hamilton, and also further pay roll tax relief in certain areas to stimulate growth and new, localised business opportunities.

An example was given with the announced extension of a lower 7.75 percent pay roll tax for licensed hotels and guest houses from six months of the year to eight months. Ms Cox added: ?Bermuda is often shy about touting its laurels and we tend to be understated. Bermuda is a centre for excellence and it certainly has a sophisticated international business sector.

?When we talk about amendments to our Companies Act it is important because what we are seeking again is to raise the bar, out-distance the opposition and make improvements in terms of our legislative framework.?

The Government is seeking to make some changed to the 1981 Act to keep Bermuda?s business environment competitive, and a new statute called the Investment Funds Act will provide new licensing requirements of fund managers, codes and enforcement powers. On pensions, Ms Cox said there will be changes to the public Superannuation Fund to take account of those people who wish to work beyond the normal retirement age but still require access to their pension.

One of the first pieces of legislation before the new Parliament deals with occupational pension schemes. Ms Cox said: ?It seeks to give us legislative force to penalise directors and officers who do not properly pay money owed and due to employees. Again you are looking at making Bermuda a centre of excellence for benefits to Bermudians.?