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Dec 12, 2018

Amendments to IBC Act ahead of December Deadline

Dean Barrow

The special sitting of the House of Representatives earlier today focused primarily on the passage of two bills: the Income and Business Tax Amendment Bill, as well as the International Business Companies Amendment Bill.  Those pieces of legislation are critical to Belize’s compliance with international regulations ahead of a deadline set for the end of December to avoid being blacklisted.  The bills went through all motions today, despite the Opposition asking for a deferment since it had not seen the bill and therefore could not participate in it.  PM Barrow explained the importance of the amendments.

 

Prime Minister Dean Barrow

“After we had heard from the professionals at Cabinet there was a further meeting at the Central Bank because these amendments, not just to the Income and Business Tax Act, but to the IBC Act which we will come to a little bit later are so wide ranging that we had to try to guard against every possible effect of the law of unintended consequences.  I serve notice Madame Speaker that while we are hoping to pass this today so that we can comply with this December thirty-first deadline, in order to avoid blacklisting, there will no doubt be things that will be found with respect to a more considered review over a longer period that will no doubt require us to come back and to ask for amendments.  But for the moment we have to do what we wish to do today so that, as I said, we can avoid blacklisting.”


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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