Opposition Questions Tax Breaks in Share Sale; Small Businesses Left Out?

There’s more to the Fortis and BEL share sale than meets the eye. Opposition Leader Tracy Panton dropped a noteworthy detail today, domestic investors who buy in will get major tax exemptions. Sounds like a win for big players, right? But the Opposition isn’t sold on it. They’re questioning the fairness of it all, saying small businesses don’t get those kinds of lifetime breaks. And with government planning to sell off shares to recover the cost of the acquisition, the question is, who’s really benefiting? Panton pulled no punches. Here’s how she laid it out.

 

Tracy Panton, Leader of the Opposition

“What he did not say in his presentation this morning that these new owners, once we divest will be exempt from paying stamp duty, business tax, income tax and withholding tax on dividends or interest. So, while the Belizean people continue to be saddled with overbearing debt every time we come to this National Assembly. When our MSMEs are taken to jail because you are not able to meet their tax commitments, these big guys, institutional partners will be exempt from paying any taxes. In other words, this bill creates a tax-free paradise for those who are connected. Belizeans we have to pay GST. Belizeans have to make their Social Security contributions. Belizeans have to bear the weight of fuel taxes and we will have to bear the weight of rising utility cost, including electricity and water supply.”