A veteran realtor called government policy involving payroll taxes for many employers “unfair, inconsistent and discriminatory”.

Ahead of today’s Throne Speech, Brian Madeiros, president and chief executive of Coldwell Banker Bermuda Realty, expressed surprise that last year’s changes have not garnered more discussion.

He said: “As margins continue to be squeezed due to the increased cost of doing business in Bermuda, it is surprising that the fact that local companies have been singled out and now have to pay some 15 per cent on the dividends which are declared hasn’t attracted more attention from Bermudians and elevated in a meaningful way to the political classes on both sides of the House.

“These companies employ most of our Bermudian population, hence are an important catalyst for economic growth, yet are penalised due to bad actors who historically haven’t been transparent around declaring notional wages reflective of the market, hence reducing payroll tax liabilities.

“For a well-run company that maintains best practice around board governance and compensation packages which reflect market, this is unfair, inconsistent and, dare I say, discriminatory.”

Mr Madeiros also hopes the Throne Speech will tackle the growing housing crisis in Bermuda.

In May, Coldwell Banker Bermuda Realty told The Royal Gazette the demand for residential units to buy or rent was sky-high across the island, with only an estimated 50 properties available for rent in Bermuda.

Now Mr Madeiros is calling for Government to create a loan scheme to help people purchase and refurbish derelict or rundown properties.

“It appears that there has been an increase in properties for sale that are not currently occupied and in need of substantial refurbishment to allow occupancy,” Mr Madeiros said.

He said a guaranteed grant programme from the Government for new home buyers who wished to rent in the open market would help to increase rental inventory.

He also wanted the Government to tackle escalating building costs.

“The cost of construction has increased exponentially since the pandemic, making it very challenging for middle-class Bermudians to either build new homes or renovate existing homes,” he said.

“It would be prudent to explore ways in which to reduce material costs for the consumer.”