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Aug 30, 2019

A US$14 Million Dollars Loan for Strengthening Tax Administration Project

Mark Lizarraga

The Senate also approved a fourteen million U.S. dollar loan from the Inter-American Development Bank. This chunk of money has been earmarked for the strengthening tax administration project. Monies will be used to boost the efficiencies of the Belize Tax Service, a newly formed government department comprising of the Income Tax and G.S.T. departments. The aim here is to increase government’s effectiveness in tax collection by modernizing the technological infrastructure and improving tax administration and operational processes. Senators Lizarraga and Osmany Salas contributed to the debate.

 

Mark Lizarraga, Private Sector Senator

“The business community supports and has for a long time calling and championing this for a long time. In fact when we have situations of inequity when some sectors contribute and others do not, it creates for a less competitive environment. So we certainly encourage and will support this motion. We are particularly please that for the first time we have some semblance of what this project will entail. I thank the government and I congratulate the government.”

 

 

Osmany Salas, Senator for NGOs

Osmany Salas

“As I repeated many times in this chamber we have had so many leaks when it comes to the collection of tax revenue and these leaks need to be plugged. I am hopeful that with the creation of the Belize Tax Service and with the support that they are to receive from this loan that we will get there and level the playing field.”

 

The monies will be disbursed over a period of five years.


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