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Dec 6, 2019

How Will Belizeans Benefit from Hydro Maya Tax Concessions Extension?

Osmany Salas

Senator for the N.G.O.s Osmany Salas and Private Sector Senator Mark Lizarraga questioned what are the benefits that Belizeans are receiving through the concessionary agreement given to the private company.

 

Osmany Salas, Senator for N.G.O.s

“Here we have a company that supplies small portion when it comes to the overall power that B.E.L. purchases about two percent but it is a business and they are getting another tax holiday for ten or fifteen years. They are making money but what is the community getting from it. Are we getting improved prices? The answer to that no. My opposition to that bill is that it is just a company and the investors are being protected. So all the promises that were made from the beginning before the development was put in place and I gather to generate public support have not been met.”

 

Mark Lizarraga

Mark Lizarraga, Senator for the Business Community

“These people got a concession for, not a concession certain privileges for fifteen years we’re seeking to extend it for another period of time. Normally when you give people concessions because it is a concessionary agreement you give them for a certain period of time because the investor would have anticipated that he would have recovered and made a return on his investments. So one has to questions why we are extending it and to what benefit. What is the beneficial purpose for the people of Belize?”

 

The debate in the senate wrapped up in the afternoon.


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