In the three years since the Progressive Labour Party came in to power, they have instituted tax changes across the board.

The PLP platform - widely circulated in their 1998 election campaign - said a PLP Government would not institute income tax, but other tax sectors, which include land tax, payroll tax, have seen significant increases.

Promises in the platform of easing the tax burden on small businesses, as part of a comprehensive tax review, have not materialised.

And word that Bermuda would move towards being "duty free", as well as allowing hotels the benefit of duty-free wines and spirits in a trade off for increased local entertainment, have not been implemented.

What Bermuda has seen, since the PLP Government won the 1998 election is a general increase in tax rates.

The PLP has raised land tax rates twice since coming to power, with shadow Finance Minister Grant Gibbons pointing out, during his response, earlier this year, to the 200002 budget: "Land tax now extracts $9.5 million annually from taxpayers, an increase of some 36 percent since the last UBP budget."

There was however some relief on land tax amounts for the Island's seniors. Under the Land Tax Amendment Act 2000, the PLP did however raise the seniors relief level - from $40,000 - to $60,000.

And though land tax did not see across the board increases this year, there was an increase on stamp duty which relates to the conveyance of property.

The stamp duty rate increases as the value of the property goes up, but at the low end, properties of $100,000 would attract a duty of $500. At the time the change was announced, Shadow Minister of Legislative Affairs John Barritt said: "It doesn't sound like investing in people to me, it doesn't sound like encouraging home ownership, especially after two whopping increases in land tax."

Both the increases in land tax, and the increases in the stamp duty act have been cited by the Opposition as going against the PLP's own election edict that: "A PLP Government will aim to facilitate as many Bermudians as possible to become homeowners."

The consumer has also seen increases on cigarette tax, alcohol tax and a 2001 departure tax increase of $5 per head.

And 2001 tax hikes also included significant increases in the cost of licensing both cars and bikes, with five percent increases and an additional $50 on class A to D cars, and an additional $100 on class E to G cars - and increases of five percent in fuel tax. These changes were calculated to bring in an additional $5.5 million, this year, in Government revenue.

The PLP's platform also stated, in regards to the cost - by international business - of doing business on the Island: "We will consult with the local and international private sectors in the formulation of measures to reduce the cost of doing business in Bermuda."

Meanwhile, both local and international companies have seen changes in the payroll tax structure, which have meant large increases for some companies.

In 2000 payroll tax saw an increase of of a percent. And the PLP announced payroll tax changes to bring international business under the same payroll tax format as local businesses. This move saw international businesses having to report on actual payroll amounts, rather than an assumed figure of $70,000 - up to a cap of $250,000.

Finance Minister Eugene Cox said the purpose of the change was to ensure that Bermuda was not seen as a tax haven.

At that time, Mr. Cox said: "One of the significant criteria for the identification of a jurisdiction as a tax haven is that a company owned by non-residents is treated more favourably for tax purposes than a local company."

The move generated an extra $12 million in revenue during the 2000 to 2001 fiscal year. A year on, shadow Finance Minister Grant Gibbons said the change in the payroll tax had hit some companies hard.

In 2001 international business saw what they called a "nominal" break with the Payroll Tax Amendment Act 2001, the taxation cap was lowered from $250,000 to $225,000. The cap applies to both local and international companies.

At least one change increase in tax amounts was in line with the PLP platform: "We will adopt prudent regulations and requirements such as the Basle Core Principles, so that we will adhere to international standards."

This resulted in the Banks and Deposit Companies Fees Amendment Act 2001 which was passed by the Senate in March of this year.

The Act gives the Bermuda Monetary Authority (BMA) the responsibility of licensing and supervising deposit taking institutions as well as making sure they comply with international standards.

The Act resulted in the Island's two main Banks paying an extra $500,000 in fees to Government.