Posted: Monday, March 20, 2017. 11:52 am CST.
By BBN Staff: As a part of a 3 percent of Gross Domestic Product (GDP) fiscal consolidation to meet targets set in the latest restructuring of the Superbond, Prime Minister Dean Barrow last week presented a tax package for the new fiscal cycle which is expected to raise $108 million in revenue.
The package includes adjusting the excise duties levied on aerated water, beer, stout, cement and fuel. There is also a proposal to amend the departure fee for non-Belizeans to $40. There is a proposal to bump the environmental charge on imported goods by one percent as well as shifting the social fee on Free Zone cigarettes to 20 percent.
The GST threshold for electricity consumption is also being lowered from $200 to $100. GOB is also amending the stamp duty on foreign exchange permits by 50 basis points. Government expects to collect $80 million in revenues from the new tax package.
In total, including all taxes, licenses, royalties and other revenues, GOB plans to collect $1,186,770,284. For last fiscal year, GOB collected $ 1,078,473,139. Government now projects to collect $108 million more in revenues this fiscal year than in the last year.
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