Bermudians will have to wait until next year’s Budget to see if changes to tariff regulations will have financial implications, the Senate was told yesterday.

Adrianna Hodgson, junior finance minister, said amendments to laws bringing the island into line with an update of the international Harmonised System (HS), which governs tariffs and how economic statistics were compiled, would be “revenue neutral”.

While most countries will need to bring in the changes to their nomenclatures – the naming system for particular economic fields – by New Year’s Day, Bermuda has been given until April 1 under the Customs Tariff Amendment No. 2 Act which the Senate passed.

Ms Hodgson told the Upper House: “By progressing legislation at this time it allows for the effective consideration of these matters in the Budget process.

“I wish to note that these HS 2022 related changes in the Bermuda nomenclature shall be entirely revenue neutral.

“Further ... duty rate changes as deemed appropriate will be proposed as part of the Government’s 2022/23 Budget.”

Senators also approved the Bermuda Monetary Authority Amendment No. 2 Act

The changes in the legislation impact on fees imposed by the BMA on firms it regulates.

Senators also passed other financial changes contained in the Insurance Amendment Act and the Companies Amendment and Validation Act.

The Senate will next sit on February 9.