Cabinet reviews tax proposal

In their weekly meeting, Cabinet reviewed reports on the tax reform proposals to be tabled at the next House of Representatives meeting. Cabinet urged those Ministers and public service managers to expedite their consultations. It was also announced that when VAT is repealed, the VAT unit employees will be absorbed into the tax collection system with no loss of benefits. The Ministry of Housing has also proposed that there be a review of the landlord and tenant laws in order to modernize the entire rent system in Belize. The Ministry of Transportation has also been asked to develop a proposal to help alleviate the morning congestion at the Pallotti round-a-bout. And, under the Ministry of Budget and Planning Cabinet has approved fiscal incentives for the Northern Fishermen’s Cooperative Society Limited. These will be used to expand and upgrade the existing fish processing plant and to acquire new machinery. A report was also read from the office of the Supervisor of Insurance on the status of the insurance industry. The Supervisor has been instructed to continue monitoring all insurance companies to ensure full compliance with the laws of Belize. The reasons for the report were not stated, but it is believed that in the wake of Hurricane Mitch there was serious concern over whether all of Belize’s insurance companies would have remained solvent in the face of a major disaster.