Last week former CEO of the Belize Sugar Cane Farmers Association Carlos Magana made major waves when he alleged the un-reported embezzlement of almost $400,000.00 within the Orange Walk District Branches of the association.
Well it seems now the Income Tax Office has its own issues with Magana about non reporting – but in this case they are talking about tax payments.
7news has obtained a copy of the document detailing the final payment made by the Cane Farmers Association to Magana after it fired him in early July.
It shows that the association owed him $39,715.00 – but he only went home with $11,859.00. That’s $27,000.00 less than his final payment! And how did that happen? Well, $7,000.00 had to be paid to cover an insurance payment, but, get this, $20,000.00 had to be paid to settle tax arrears.
Magana confirmed to us today that he did fail to make tax payments on his annual gratuity, his rent allowance and insurance for the duration of his contract. Now, all those are taxable, but he says he simply didn’t know that they were. He stressed to us that it was not a deliberate attempt at tax evasion, it was just ignorance of the tax law.
And how is it that he was assessed? Seems all that public uproar about his contract in July caught the ear of the Income Tax Department which investigated Magana’s earnings – and they found that he had some change for them. The assessment accounts for more than 50% of the former CEO’s final payment.
