On the 13 of March 2015 the Prime Minister of Belize, Hon. Dean Barrow, 2015 gave a Budget Speech at the Meeting of the House of Representative. The Prime Minister's speech focused on the next fiscal year and expressed optimism and an expectation of economic growth.
In 2014/15, Belize reported a fiscal deficiency that was substantially higher than anticipated. More precisely, the budget for 2014/15 had targeted a deficit of BZD55m but instead posted a deficit of BZD141m, equal to 4.1 percent of gross domestic product (GDP).
For the following fiscal year the Budget targets a lower deflict of BZD88m (2.5% of GDP). As the Prime Minister stated: "The proposed Budget targets a preliminary Primary Balance of Zero Percent of GDP and an Overall Deficit of 2.5 percent of GDP. Total Expenditure is budgeted at $1.1 billion while Total Revenue and Grants are estimated at $980 million. When taken together, this results in the projected Overall Deficit of $88 million which is the equivalent of 2.5 percent of GDP".
In addition to the targeting of higher revenues, the Government stated that it will focus on the improvement of its tax administration as well as closing existing loopholes. It will also tackle non-compliance, especially the non-payment of General Sales Tax.
To read online the speech of the Prime Minister of Belize please click here.
Source: lowtax.net Global Tax & Business Portal
More information:
Are you interested in setting up a tax efficient offshore company? Visit our
Offshore Company Formation page.
Do you want to open an offshore bank account for your company or yourself? Discover more on our
Offshore Bank Account Opening page.
Open an
offshore merchant account for your website.<