No new taxes planned in Belize

When discussing Belize’s fiscal policy ahead of the Budget, which is scheduled for March 11, Belize Prime Minister said that the government is not planning any new taxes in the coming fiscal year as tax revenues rebound.

During a question and answer session with journalists, Belize Prime Minister Dean Barrow revealed that in the previous year the deficit had narrowed significantly, and following a surge in tax revenues, an increase of BZ$ 44.5 million (which is around USD 22.8 million), over the year to BZ$ 554.8 million, Belizean finances are in good condition.

Prime Minister noted that General Sales Tax receipts grew by just under 17%, with the tax-take from business taxation and royalties combined nearly doubling year-on-year.

Barrow announced: “We are moving right along and we expect that this will be a good budget. Certainly and principally because I repeat what I said a couple of weeks ago; there are going to be no new taxes for the Belizean people for this fiscal year”.

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