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Sep 24, 2012

New owner gets big exemptions during B.S.I. buyout

We will have more on the American Sugar Refinery when a Bill called The Sugar Industry and Cogeneration Project is tabled in the House of Representatives for immediate passage later this week. But from a quick look, ASR appears to have worked out its own accommodation agreement.  As you know, the company is acquiring shares in the Belize Sugar Industry and the government is calling it a major investment package for the ailing economy. The deal, however, includes major tax exemptions and will give BSI a huge advantage in the production of sugar cane over the cane farmers.  Firstly, there is a total exemption of income and business taxes retroactive to 2008. Thereafter, there are proposed partial yearly tax exemptions beginning next year and up to 2016 in this manner:  Eighty percent from January first to December thirty-first, 2013, in 2014, a sixty percent reduction, in 2015 a forty percent and the following year 2016 a twenty percent. The sweet deal also includes withholding tax on dividends, on payments for technical services and tax exemptions for ten years on custom and excise duties and environmental tax. There is more, a fifty percent stamp exemption on stamp duty for security documents and the Bill seeks to give BSI unrestricted right to export raw sugar and molasses for a period of ten years.

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8 Responses for “New owner gets big exemptions during B.S.I. buyout”

  1. Storm says:

    I’m for cutting the taxes everywhere, because more money in private hands and businesses means more real investment, more jobs, and a growing economy.

    GOB has a spending problem, not a tax-revenue problem. When they have cash — TAX MONEY — to put gangsters on the payroll, then they have taken more money than they need.

  2. Monkey fu black dawg says:

    Do I smell Accomodation Agreement..

  3. Belizean says:

    Finally the international investors are being treated with attractive offers! This is a sign of the Belizean economys’ growth. This is how the countries around us have reached a high level. Lets learn from the people around us

  4. Ricky Malthus says:

    I suppose there is no one trained, qualified, and competent in BELTRAIDE, MOF, Economic Dev. or Central Bank to understand this is an abominable agreement for a nation that is economically prostrate. The Americans and Belizeans must know by now that one must not undertake a business venture if one will not make a profit from the word “go” , especially since this sugar production has been an ongoing enterprise since 1950s. All the economic texts will scream this at you. Why are you so opaque ? We gave away the store again!

  5. Seletar says:

    Sadly, our reputation is so poor as a place to invest that it my be necessary to “give away the store,” at least until our reputation improves. At least, hopefully, Belizeans will have some jobs from this deal — if the government makes sure everyone who gets hired at least has a work permit. And it doesn’t bother me if GOB has less money to squander and steal.

  6. sugacity says:

    Dean Barrow is a fool why he don”t sell himself next instead of selling out the country.

  7. BELIZEAN says:

    This new ownership will finally bring in reasonable cane production, which is something we havent seen yet. If we Belizeans think that it was good money, well we havent seen it yet. That cane industry could have been at a way higher production rate than at what were now. There is no negative in this

  8. dunfedup says:

    Too bad our other existing (barely) industries aren’t being helped out in like manner.

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