Archive for January, 2009

Bank Of Belize to pay USD 11million worth of Tax Arrears

Saturday, January 31st, 2009

The Bank of Belize has been ordered to pay the Government of Belize USD 11 million worth of arrears that are related with unpaid income and business taxes.

Revenue Court Magistrate Edd Usher made this decision. He ruled that, as a result of failing to pay the taxes stated between the years 2006 and 2008, the Bank of Belize had accumulated the debt.

However, according to the bank’s legal representatives, this amount of money cannot officially be adjudicated by the Magistrates Court as the Court can only deal with sums of money up to the value of BZ$ 5 000. Also, the bank’s representatives say that, because of how far back the arrears are dated, the Magistrates Court should postpone the case until after an application by the Bank of Belize has been heard by the Supreme Court.

The bank has to settle the outstanding taxes until February 12, 2009.

Government to pay up USD 4.42 million

Monday, January 26th, 2009

Belize Prime Minister Barrow has recently asked the court to make 2 declarations with regards to the payments.

The Barrow administration says that it needs more time to pay off the debt. To remind, it inherited an USD 8.8 million debt from the past Musa government.

The problem is that the investment company Newco Limited that was short-changed out of an airport management contract says it will not wait any longer. This company (previously known as Lufthansa) is pushing hard for the USD 4 420 587 awarded to it by an international tribunal on June 23, 2008 when Newco sued the Musa government for breach of contract and won. It should be noted that the award comes with an 8% interest penalty, compounded quarterly from the date the award was issued.

Barrow said that his government has turned to the Supreme Court of Belize for an easement to ask the court to make 2 declarations.

The 1st declaration is to fix the date on which the interest commences as the date of the delivery of the court judgment and not June 23. The 2nd declaration is to state that the Belize Government pay the money in Belize dollars instead of the USD demanded by Newco.

Belize holds national training seminars/workshops

Wednesday, January 21st, 2009

The Ministry of Labour will be holding training seminars/workshops entitled “Rights and Responsibilities of workers and employees” under the Belize Labour Legislation and ILO Convention.

The list of places and dates of training seminars/workshops is as follows:
Toledo, January 20;
Stann Creek, February 3;
Cayo, February 5;
Belmopan, February 10;
Corozal, February 12;
Orange Walk, February 17;
San Pedro, February 19;
Belize City, February 24;
Corozal Free Zone, February 26.

The training seminars/workshops are aimed to engage workers and employers in discussions and to inform them of their rights and responsibilities under the Belize Labour Legislation. The Labour Department hopes to promote the need for good harmonious labour relations between employers and their workers.

Taiwanese Company & Solid Waste Management Authority signed Production Sharing Agreement

Friday, January 16th, 2009

On January 14, 2009, a Production Sharing Agreement (PSA) was signed in Belmopan. This is the agreement is between the Government of Belize and OPIC Resource Corporation, an overseas subsidiary of the Chinese Petroleum Corporation (CPC) of Taiwan.

The Taiwanese company provides for Petroleum exploration for 8 years in this offshore region. The Government will collect revenues including royalties, income tax, share of production, and 10% working interest.

On behalf of OPIC Resource Corporation, the agreement was signed by Dr. Ming-Tar Lu, President, and on behalf of the Government of Belize it was signed by Hon. Gaspar Vega, Minister of Natural Resources and the Environment.

The ambassador of the Republic of China (Taiwan) to Belize, His Excellency Ting Joseph Shih attended the signing ceremony.