Earlier in the news, we showed you the Senate Debate on the Briceno Administration's legislation for the cut in public wages, and against the 25-year lease for the Commerce Bight Port.
Today, the Senate also debated the Income and Business Tax Amendment Bill of 2021.
This is a piece of legislation that was also passed in last Friday's House Meeting. It seeks to make Belize's offshore banking sector more competitive for those international financial institutions that are looking for an attractive jurisdiction. But according to the officials, a number of offshore institutions have already started to pull out of Belize. So, this is the Briceno Administration's first step to rekindle interest.
Here's how senators representing the mass parties found common cause on this amendment in today's meeting:
Hon. Khalid Belisle - UDP Senator
"The truth of the matter is that on our side, we really don't have any qualms or misgivings about the proposed amendment bill. As noted by the Honorable Prime Minister in his introduction in the house, the IFS Sector - the International Financial Services - here in Belize has indisputably been in decline for roughly the last half-decade or so, and that is across local license service providers, new incorporation by companies. Having lost almost 2/3 of its peak registered population, what the Hon. Prime Minister described as migration might more aptly be put as a mass exodus, with of 2 every 3 company that had been registered at its peak, now having pulled out of Belize. In speaking with players across the country, players in this industry, the consensus seems to be that it is a combination of new regulatory requirements imposed by international bodies such as the EU in tandem with more attractive terms present in territories that offer the same services. The Prime Minister referred to them as competitor jurisdictions that have predominantly contributed to the current trajectory of this sector."
Hon. Michael Coye - Minister of State, Finance
"I think it is important for us to give this sector that chance ensuring that we maintain our commitment, but at least open that opportunity for this sector to thrive. And I believe that this bill does achieve that, and we look forward to its enactment."
The Senate passed this bill.
