The Government is still on target to return a balanced Budget this year — and predicted it will have sufficient funds next year to deliver a stack of tax breaks as well as other concessions.

David Burt, the Premier and Minister of Finance, made the pledge when he tabled a pre-Budget report in the House of Assembly this morning.

He provided MPs with an update on the state of the economy and said that there were no plans to introduce any tax increases in the 2025-26 financial year.

Instead, Mr Burt said there will be proposed cuts in taxes, duties and fees on a range of items, including energy, building materials, land tax and vehicle licences.

He added that a universal healthcare system will finally be launched next year in order to drive down healthcare costs.

There will also be a boost in capital expenditure in order to build more affordable homes and other infrastructure projects.

Mr Burt said that the concessions will be financed in part by an expected $187 million boost to the economy from corporate income tax, which is expected to be introduced next year.

According to the Premier, the net result of predicted revenue and expenditure will be a budget surplus of $84 million.

Mr Burt said: “These measures are designed with fairness at their core. They focus on the areas that touch every Bermudian’s life — energy, housing, transportation and connectivity.

“Each of these initiatives reflects this Government’s understanding of the real challenges faced by our people and our determination to provide meaningful relief to taxpayers.

“I wish to affirm my sincere expectation that 2025 will be a transformative year in Bermuda.

“With the first revenue collections from the corporate income tax, we will not only deliver relief, but also make strategic investments to ensure long-term prosperity and set Bermuda on a path to repay its national debt.

“From universal healthcare to critical infrastructure projects like the replacement of Swing Bridge we will lay the foundation for a stronger, more resilient Bermuda.

“This Government remains steadfast in its mission to ensure that every Bermudian feels the benefits of our sound fiscal management.

“Through careful planning, prudent decision-making and inclusive consultation, we are reducing costs for Bermudians while investing in our future.”