CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Belize Budget Looks To Indirect Taxes To Boost Revenues

Belize Budget Looks To Indirect Taxes To Boost Revenues

by Mike Godfrey, Tax-News.com, Washington

20 March 2017


Belize has rejected International Monetary Fund (IMF) recommendations to raise taxes across the board in favor of more selective reforms that it says will be less punitive to the country's businesses and poorest citizens.

In his budget speech the Prime Minister and Minister of Finance and Natural Resources, Dean Barrow, rejected the IMF's "publicly rehearsed" advice to raise general sales tax (GST), ditch zero-rated treatment for certain products, cancel exemptions, and increase personal and business income taxes as "regressive and punitive to both citizens and enterprise."

He instead announced a series of "pro-poor and pro-people" reforms, which he said would increase revenues by 2.2 percent of GDP. These include a 10 percent income tax on statutory boards of "quasi government entities;" increasing the excise levy on aerated water, beer and stout, cement, and fuel; increasing the environmental charge on imported goods by one percent; and raising stamp duty on foreign exchange permits by 0.5 percent.

TAGS: environment | Finance | tax | business | budget | International Monetary Fund (IMF) | Belize | food | stamp duty

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »