Tensions between the business community the BCCI and GOB are high tonight following the release of a new statutory Instrument dated August 10th on the Supplies control Act for Belize.
As promised, GOB has imposed new price control regulations on an array of food and household items - enforcing a fixed markup of 25%. The business community is calling it sudden and asking for more time to digest the new legislation.
Sources from the business community informed us that both the The Belize Chamber of Commerce and Industry and the Belize Chinese Association are disappointed with GOB's decision to move forward with these impositions despite what they fell is a lack of consultation with the BCCI and the BCA. Both organizations hope that GOB will delay the price control rollout and conduct consultations before moving forward with any new price control regulations. From our experience, generally, retail margins hover at 60% and above - and business owners say that at 15 - 25% they can't recover their costs of operations.
