The Bermuda Government could reap an extra $147 million over a two to three-year period if policy recommendations from the Tax Reform Commission are implemented, MPs heard this morning.

The commission’s report was tabled in the House of Assembly by Wayne Furbert, the Junior Minister of Finance.

The seven-member group, which has met over the last nine months, was set the job of reviewing the island’s tax regime and looking for “equitable, effective, efficient, competitive and transparent” means to boost public sector revenue from 17 per cent of GDP to a minimum of 20 to 22 per cent of GDP.

Mr Furbert said that the extra $147 million would boost the Government’s revenue to $1.26 billion. This would stand at 20 per cent of GDP, compared with 17 per cent of GDP in 2017, Mr Furbert said.

Recommendations within the report include:

• A progressive tax on commercial and residential rentals yielding an extra $41 million;

• A general services tax that would bring in $27.5 million;

• A “withholding tax” on overseas services that are locally provided, which would result in $27.5 million extra revenue;

• Aligning company fees with a company’s assessed capital, to the tune of $25.5 million.

Mr Furbert said the Government would consider the commission’s findings and consult with stakeholders “before any major changes are made to our tax system”.

•To read the Tax Reform Commission’s report in full, click the PDF under “Related Media”.