Oil, it's a precious, non-renewable natural resource and one whose movements, the government, the media and the public must monitor closely. Today, we considered the volume of oil that has been exported and how much it has earned, and wondered why Belize Natural Energy is counting its revenue in bushels while government is still picking peanuts.
According to the Central Statistical Office as of September, petroleum exports from Belize have earned $72.18 million. That's for 19.57 million gallons or 466,000 barrels. So how much of the earnings from that almost half a million barrels has gone into government coffers? In August this is what the Prime Minister said.
Rt. Hon. Said Musa,
[August 25, 2006] "The amount collected in revenue to government from petroleum operations so far include sums collected as business tax, sales tax, general sales tax, and royalties. These sum to a total of BZ$3,645,084.92."
$3.6 million dollars - that's 5% of $72 million, a far ways off from what government said it would get.
Rt. Hon. Said Musa,
[June 12th, 2006] "It is estimated that Belize will receive as much as 50% of revenue from the oil companies."
And it's also far from what BNE promised.
Sheila McCaffrey, BNE Director
[March 23, 2006] "The government stands to make a substantial amount of money from this and 38% of all revenue generated from every barrel of oil will go directly to government."
That story quoted the most recent printed figure for petroleum exports valuing them at $72.1 million, but we are informed that as at the end of September, that figure is 22.83 million gallons valued at $84.06 million. The 40% income tax bill still has not been finalized, but in the interim, business tax should still be payable on a monthly basis.
