Mark Espat says there is budgetary shortfall

While Courtney preferred to keep his personal position about the Belize/Guatemala dispute to himself, Albert Area Representative Mark Espat was vocal not only about the economy but also about the oil industry. According to Espat, this year’s budget projects eighty-three million dollars to come from petroleum exports, particularly from windfall taxes. But with the price of oil on the world market falling below ninety U.S. dollars per barrel, Espat says there is a budgetary shortfall.

Mark Espat, Area Rep., Albert Division
“The threshold of U.S. ninety dollars for the windfall tax was a giveaway. It was broken days after their law took effect. The windfall is now but a phantom. Income taxes and royalties in this budget will not materialize and the fiscal hold from this singular blunder could be between thirty and forty million dollars this year alone. We recommend that the government revisits its oil tax regime, not only to recover a windfall tax, but to ensure that all Belizeans secure more than the twenty-seven cents of every oil dollar that we currently get. Even at the low price of fifty dollars U.S. per barrel, each one cent of every oil dollar that this U.D.P. government fails to collect is a staggering one point six million dollars per year.”

Jose Sanchez
“You mentioned the windfall tax. Since that is not working out, do you think that the Telecom tax is now the alternative source of income since that is not working out? What’s your perspective on that?”

Mark Espat
“Well, I think the party leader addressed the issue already. One, to say that it is unfortunate and we lament that today is Wednesday, the House meeting to table this proposed legislation is on Friday and he as the Leader of the Opposition has not received this draft bill, firstly. Secondly it is really speculation to offer an opinion until we see what the details of the proposal is.”