The Government has welcomed the collective support from leading business groups of the 2024-25 Government Budget.

Key stakeholders congratulated David Burt, the Premier and Minister of Finance, of balancing the budget for the first time in more than 20 years.

They also expressed confidence in the Tax Reform Commission for its role in decreasing business costs and showing transparency in the implementation of the Corporate Income Tax.

The statement included input from the Association of Bermuda Insurers and Reinsurers, Association of Bermudian International Companies, Bermuda Business Development Agency, Bermuda Chamber of Commerce, and Bermuda International Long-Term Insurers and Reinsurers.

Mr Burt said: “As a Government committed to working with stakeholders to grow our economy, enhance Bermuda’s competitiveness and further extend our reputation as a business-friendly jurisdiction, the support of our partners is important.

“Today's statement of support demonstrates that not only do we have a shared vision for Bermuda, but we are working collaboratively to deliver on that vision.”