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No Tax Changes In Belize's 2015 Budget

by Mike Godfrey, Lowtax.net, Washington
17 March, 2015

Belize has published its 2015/2016 Budget, which aims to balance the books without tax increases.

Belize hopes to close the budget gap through higher tax receipts owing to strengthening economic growth and anti-avoidance measures.

Belize posted a fiscal deficit that was substantially higher than anticipated in 2014/15. Its 2014/15 Budget had targeted a deficit of BZD55m but the territory instead posted a deficit of BZD141m, equal to 4.1 percent of gross domestic product (GDP). The Budget targets a lower deficit of BZD88m, or 2.46 percent of GDP.

As well as the targeting of higher revenues, the Government has said it will focus on improving tax administration and closing existing loopholes. It will also tackle non-compliance, especially the non-payment of General Sales Tax.

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