Prime Minister of Belize, Dean Barrow, has presented the country's 2009/10 Budget to parliament, revealing that it will not signal the introduction of any new tax cuts.
Announcing the fiscal outline for 2009/10, Mr Barrow maintained that the government's priorities would continue to be health and education, stating:
“The government is holding high its commitment to the education, health, social and physical well-being of the Belizean public. To this end, we are allocating additional budget expenditures to those priority areas of education, health, food security and the physical infrastructure.”
However, regarding the introduction of new tax measures, the Prime Minister announced:
“We do not propose to introduce any new tax measure apart from an increase in the rate of import duty leviable on gasoline and diesel oil. There is of course a complementary increase in the excise tax on the local production of these same items in order to maintain equity in the rate of taxes regardless of origin."
Barrow has estimated that this measure alone will be enough to generate almost half of the revenue required to close the financing gap in the current budget.
The budget debate is scheduled to be held on March 19.
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