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Aug 16, 2022

One Million Dollars in Duty Exemption for MSMEs

During the launch of the MSME Road Show on August fourth, an announcement was made that the Government of Belize is proposing to offer MSMEs one million dollars in duty exemption which can be accessed all in one year or over a period of four years, as a form of tax relief. On Monday, Doctor Osmond Martinez, C.E.O. in the Ministry of Economic Development, said that the proposal is far reaching, and will increase economic activity, as well as reduce poverty.

 

Osmond Martinez

Dr. Osmond Martinez, CEO, Ministry of Economic Development

I don’t think we are losing taxes. It is an investment in our MSMEs and that is very important. It was a promise in Plan Belize, that our MSMEs would be supported. In addition, every country, especially in Latin America and the Caribbean, should be the backbone of our economic development and growth. Without the MSMEs we won’t be able to move forward. Why, because MSMEs for example in Belize contributes to almost seventy five percent of our G.D.P., generates almost fifty percent of employment. So, there are huge. But, what about the impact it will have in the reduction of poverty, in the economic activity, reducing trade? So, it is not a loss, it is an investment. But, one of the main take always is one, it will generate more jobs. It will formalize the MSME’s. Remember, we have a huge informal market. It is fifty percent and this policy will definitely help to move the informal to the formal market, which is very important for us, because we will be able to capture more reliable data, which will also impact G.D.P.”

 


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