B.T.L. and bank tax rates finalized

And in a correction to a story we ran on Friday, we had reported that the new business tax passed by the House of Representatives charged communications giant B.T.L. a rate of twenty two percent on revenues. In fact a last minute amendment prior to the third reading of the bill further lowered the rate to nineteen percent while at the same time bringing the tax on B.T.L. dividends up to fifteen percent, the same rate which applies to other companies. With regard to the percentage levied on revenues of banks, while the rate was set at twelve percent, that figure only applies to Barclays and Nova Scotia. Belize Bank and Atlantic Bank, which operate under legislation as parts of Public Investment Companies, will pay the government only four percent of their gross revenues.