Chamber of Commerce, Chinese Association request delay for further consultation on price control and monitoring of major basic goods

Published by BBNTEAM at August 25, 2023

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Posted: Friday, August 25, 2023. 1:12 pm CST.

By Aaron Humes: A joint press release from the Belize Chamber of Commerce and Industry (BCCI) and the Belize Chinese Association (BCA) say they will ask for a short delay in the implementation of Statutory Instruments 87 and 88 of 2023, concerning price controls and monitoring mechanisms.

The organizations met on August 23 to discuss their collective surprise at the sudden announcement and their joint wish to have more time to understand the requirements of the information and relay it to the affected parties. The organizations say they “understand the importance of the government’s role in tackling economic complexities, and hope to be involved in the process.”

Appearing on Channel 5 News, President of the Chamber Marcello Blake said the Chamber and Association met with Controller of Supplies Lennox Nicholson as well as the CEO from the Ministry of Human Development, as well as written to the Prime Minister, but no communication since.

Nicholson and his expanded team have been out talking to grocers explaining the new regulations – and catching a few infractions such as unmarked goods and disparities in prices. The wholesaler is limited to a 25 percent markup on any imported good, with the retailers now limited to 15 or 20 percent as the case may be, though it still has not been stated whether General Sales Tax (GST) is applicable as some of the affected goods are zero-rated.

Blake went on to explain that most of the grocery items covered under the new price control lists are considered volume items for retailers. These are items that sellers make most of their monies from. As a result, Blake says capping the markup on these goods will have significant impacts on how these businesses operate.

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