BIBA Chairman Tom Davis commended the 1997-98 Budget's provisions for further concessions to the retail sector, assistance to the tourism industry, support for the international business industry and plans for an external review of Bermuda's entire tax structure.
"The Finance Minister and his technical officers have produced a well-balanced and reasonable budget that takes into account the shifts in Bermuda's economy," said Mr. Davis.
"In particular, we were pleased to see the Finance Ministry's clear support for the rejuvenation of the tourism industry, evidenced by the half million dollar investment in the Monitor Company and the broadening of the Hotel Refurbishment (Temporary Customs Relief) Act, the reduction in duties and the absence of any new taxes on the hotel sector.
"We are also heartened that representations made by BIBA throughout last year regarding the manner in which Bermuda does business with the international business industry will result in the implementation of streamlined procedures and policies, particularly related to company incorporation, collective investment schemes and foreign sales corporations. This will stand us in very good stead in today's marketplace."
From the point of view of capital expenditure, BIBA also praised the investment in the country's youth and in the future development of Bermuda in general represented by funding for the restructured school system and the Bermuda Land Development Company.
"We are also impressed that, not only has Dr. Gibbons moved to improve the products that Bermuda can offer the international business client, he has also provided for increased funding to make sure that the market knows what's happening in Bermuda," noted Mr. Davis. "The increase in funding for the overseas marketing programme managed by BIBA will enable us to reinforce competitive messages to an even more targeted audience in additional markets, thereby significantly bolstering Bermuda's marketing efforts on behalf of the international business industry."