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Bermudian Retailers Angered By Decision Not To Grant Duty Relief

by Mike Godfrey, for LawAndTax-News.com, Washington

14 March 2005

Duty relief for Bermuda's retail sector has again been ruled out by Finance Minister Paula Cox, according to a report from the Royal Gazette.

Following the announcement on Tuesday that the Island's oldest retailer, Trimingham Brothers, was to close, the Bermudian authorities came under renewed pressure from retailers to put in place lower duty rates, or to make tax concessions similar to those extended to the hospitality industry.

However, such requests have been refused once again, and Ms Cox last week disputed that the retail sector's tax situation is as dire as it has argued.

"While it is most unfortunate that a large retailer has taken a business decision to exit the retail sector, there are many other retailers that remain in business within the existing tariff structure," the Finance Minister wrote in response to questions put to her by the Royal Gazette.

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