B.C.C.I. objects to tax amendment

Late this evening the Belize Chamber of Commerce and Industry issued a statement objecting to several of the recent tax amendments passed by the House of Representatives last Friday. The Chamber says it is presently consulting with its members about specific concerns on each of the amendments, but at this time they recognize that the amendments will: one, reduce the purchasing power of consumers; two, increase costs to businesses; three, increase costs to E.P.Z. businesses and jeopardizes export viability; four, create an unfair system of land valuation that is totally devoid of land quality and usefulness which could penalize bona fide landowners while relieving those holding land for speculation. The Chamber also states that the manner in which the amendments to the business tax, E.P.Z. and Sales Tax were hastily passed through the House of Representatives deprived them of the opportunity to make comments and recommendations to the bills. The statement from the B.C.C.I. refers to a letter from the Prime Minister to the Chamber dated April twenty-third, 2003 in which he gave his government’s commitment to the social partnership concept with business community and civil society as the cornerstones of the country’s economy. The Chamber invites the government to use consultative mechanisms to build consensus on public policies and programmes to create an environment conducive to private sector-led, job creating growth, and development for the nation.