Log In

Reset Password
BERMUDA | RSS PODCAST

Rowntree warns business must have voice in UK tax reforms

Outgoing president of the Bermuda Chamber of Commerce, David Rowntree, has expressed concern that the business lobby's input into potential tax reform may be muted.

UK tax advisors are on the verge of presenting a final report to Government.

Mr. Rowntree commended Government for conducting the comprehensive review, stating the Chamber and more than 100 of its members met with the advisors.

But in his president's message in the Chamber's annual report, presented at yesterday's annual general meeting at the Princess Hotel, he said, "Unfortunately, comments regarding Government expenditure and income tax were not considered in the discussions and many participants were left questioning the value of their input under these terms.'' Mr. Rowntree also lamented that while international business and the construction industry provided growth for the economy over the past year: "the hospitality and retail sectors continued to suffer as evidenced by the closure of prominent retail stores and more than a dozen restaurants.

"A turn-around in retail is ten years overdue, the high cost of operating causing increasing strains on this industry.'' Mr. Rowntree complained of disappointment that there was little Government response to the Education Audit Report, published last spring. And he expressed concern that the opening of Cedarbridge Academy did not cause any reduction in the number of teachers.