Eugene Cox Denies Income Tax Rumours

by Mike Godfrey, Tax-News.com, Washington

23 July 2002

Bermudian Finance Minister, Eugene Cox has categorically denied rumours that the Progressive Labour Party government is planning to introduce income tax.

A report carried in the Mid-Ocean News last week suggested that the government would be bringing in tax experts from Canada to advise on the best way to implement the new tax, which prompted Opposition Leader, Grant Gibbons to observe that:

'If it's true, it's yet another broken promise...It would be very unfair, through secrecy to try and bring in an income tax system without having a broad debate about the pros and cons of our existing tax system.'

However, in both the Bermudian media and the House of Assembly on Friday, Mr Cox angrily denied that the report was true, suggesting that the story had been 'planted' by the United Bermuda Party in an attempt to smear the PLP.

Speaking to the Royal Gazette, the Finance Minister announced that: 'It is reprehensible. There has been no contact whatsoever (with the Canadians) and we have no intention of doing anything about income tax. We've said it in our platform and in the budget statement that no taxes are to be levied. We certainly are responsible and I stand by my word.'

He continued: 'I know nothing, and my department knows nothing, about any contacts or any initiatives relative to income tax. It is disgraceful and reprehensible, and it suggests to me that the Opposition are so desperate that they will use any ways and means.'

However, the Mid-Ocean News' Editor, Tim Hodgson told the Royal Gazette on Friday that the newspaper would be standing by its story.

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