CABINET APPROVES REMOVAL OF ENVIRONMENTAL TAX ON CARICOM IMPORTS

Cabinet has approved the removal of the environmental tax on CARICOM imports. According to a release from the office of the Prime Minister, the removal of the tax will have the effect of achieving consistency with Belize's commitment under the revised treaty of Chaguaramas. The government release says that it is fair to expect that, as a result, consumers will benefit from lower prices for CARICOM originating imports. In other news from Cabinet, the executive has approved the establishment of what is being called the Environmental Common Fund. The government release says that current production sharing agreements require that contractors contribute a percentage of their annual gross revenue to the Fund after discovery is made and production commences. That percentage ranges anywhere from point one percent for onshore productions haring agreements to point five percent for deep offshore PSA's. The key objective of the Environmental Common Fund is to make funds available to government in the event of an emergency where the environment is threatened because of petroleum activities under the productions sharing agreements.

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