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#186119 - 12/29/05 08:01 PM GST Implemented
Lost Irishman Offline
House Debates & Passes GST Bill


The General Sales Tax (GST) is now law but it won't be implemented until July first of 2006. Government gave the bill its second and third readings today at a rare House sitting scheduled between Christmas and New Year's. As we've reported, the general sales tax is modeled off the VAT tax of 1995 but will be charged at 10%, not 15%. Government says it will be revenue neutral, meaning it hopes that it can collect the same thing as the sales tax, which is $131 million. Today the Prime Minister led the presentations saying that the sales tax, the same one crafted and implemented by his government in 1991 was flawed.

FYI -

- LI
_________________________
The Weather is here - I wish you were beautiful...

- Billy Clyde

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#186120 - 12/30/05 12:29 AM Re: GST Implemented
Marty Offline
yippee. the excitement is deafening. oh boy another tax reshuffling.

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#186121 - 12/30/05 02:32 AM Re: GST Implemented
Chris Offline
It's not being implemented until after the town council elections...because the hot, HOT scuttlebug out of Belmopan is that it's going to be set at 14%.

What a disaster.

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#186122 - 12/30/05 04:54 AM Re: GST Implemented
Pedro1 Offline
Jesse at least MR."Doom and Gloom" can air his thoughts and ideas rather than people who have no knowledge except to cut and paste what they have read in various journals.

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#186123 - 12/30/05 05:08 AM Re: GST Implemented
clover Offline
"Pedro1 accuses Jesse of plagiarism"...the alternative would be to have one of the critics on this Board rip you a new one for having an opinion!!!

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#186124 - 12/30/05 07:06 AM Re: GST Implemented
Anonymous
did you call clover ???

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#186125 - 12/30/05 03:49 PM Re: GST Implemented
Amanda Syme Offline
More strong rumours from Belmopan. Cool. Always nice to hear the speculation and propoganda leading up to elections. What else is new :rolleyes:

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#186126 - 12/30/05 06:26 PM Re: GST Implemented
Chris Offline
Jesse, "Mr Doom and Gloom" as you called me is telling the truth. I have my sources. I would appreciate it if you would kindly observe your own rules for this board which do include provisions ruling out insulting behaviour.

Jan 1st 2006: 15% Business Tax on Developers building new homes/condos will be enforced.

I am writing a rather long and detailed letter/article which will hopefully prove that this government might JUST be mistaken with their proposed new taxes. Nothing insulting, Jesse, just a constructive look at what will go wrong and how it can be corrected.

I'll be sending it to the papers, the Belize Chamber Of Commerce, interested persons and organizations and I'll post it on this board. Lot's of T's to cross and I's to dot before it's done.

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#186127 - 12/30/05 06:57 PM Re: GST Implemented
SP Daily Offline
Gee... Doom and Gloom is insulting??!!
I would never have thought that, but I'll remove it to ease your delicate sensibilities.

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#186128 - 12/30/05 07:27 PM Re: GST Implemented
Short Offline
Following are the ammendments to the GST bill as read day before yesterday and then passed at the Senate yesterday. Note that the Accomodation Sector now appears in the Fourth Schedule under Exempt.

Quote:

Finance and Economic Development Committee
Thursday 22 December, 2005
General Sales Tax Bill, 2005
Amendments to Be Moved In the Committee


Clause 2(1)

In the definition of “international transport”, delete item (b) and renumber the existing items (c) and (d) as items (b) and (c) respectively.

Clause 5(8)

Delete “a” before the word “something”.

Clause 8(1)

Substitute the words “general sales tax” for the “good and services tax” appearing therein.

Clause 25

Amend this clause to read as follows:

“25. A person who is not required to apply for registration may lodge an application for registration with the Commissioner in the approved form at any time if the person is carrying on or intends to carry on a business and makes or intends to make, supplies that would be taxable if the person were registered and the Commissioner is satisfied that 80% or more of the supplies will be made to taxable persons.”

Clause 31(1)

In the definition of “B”, substitute the word “section 32” for “section 31”.

Clause 33(1)

Add the following definition after the definition of ‘passenger vehicle’.

“Vehicles to be used in the agricultural sector” means tractors, towheads, forklifts, platforms trucks and other similar vehicles.’

Clause 33(2)

Add the following at the end of paragraph (b):

“or the vehicle is of a kind for use in the agricultural sector”.
Clause 33(3)

Line1. Substitute the words “ a GST return” for “ an GST return”.

Clause 35(3)

In the opening sentence, substitute “three months” for “four months”.

Clause 36 (2) (d)

Amend this clause to read “the name, address and TIN of the recipient”.

Clause 36(3)

At the end of this subsection, add the words “unless requested by the recipient”.

Page 38

Delete the last two lines on this page.

Clause 42(1)

Line 2. Substitute the words “shall apply to the Commissioner” for the words “may apply to the Commissioner”.

Clause 90(2)

Amend this clause to read as follows:

“ (2) Despite subsection (1), a taxable person who quotes an amount for a taxable supply to be made to a recipient who is a taxable person, if the recipient so requests, quote on the basis of the GST- exclusive value of the supply, provided that the quote states also that GST is payable on the supply and states either the rate of GST or the amount of GST that will be payable.”

Clause 96

Amend sub clause (1) to read as follows:

“ (1) The Minister may make regulations for the better carrying out of the provisions of this Act for prescribing anything that needs to be prescribed.”


First Schedule

Item 4

Substitute the word “to” for the word “within” occurring therein.

Third Schedule

Delete items 3 to 14 altogether. Add the following new line (3).

“3. Hatching eggs”

Fourth Schedule

Add the following under the heading “Education” after item 6: -

7. Textbooks, school work books, or other educational texts in question-and- answer format with spaces for insertion of answers, children’s picture or painting books, or exercise books; other books in single sheets, dictionaries and encyclopedias and serial installments thereof, other books, Music printed or in manuscript whether or not bound or illustrated, maps and charts in book form.

8. Equipment or furniture for the use of an Educational Institution within the meaning of the Education Act, provided that the supplier holds a Stationary Declaration from the Institution stating that the goods will be used only in the course of providing goods or services that are exempt under item 7 in paragraph (2) of the Fourth Schedule.

MEDICINES AND MEDICAL SUPPLIES FOR HUMAN USE

9. Analgesics in the form of liquids, tablets, capsules or other solid dosage forms for oral or rectal use;

10. Cough and cold preparations in the form of liquid, tablets, capsules or other solid dosage forms for oral or nasal use;

11. Diagnostic-testing kits and devices for testing glucose in blood and urine;

12. Insulin and insulin syringes with needles and devices of a type not exceeding 100 units (1.0ML) capacity, for the administration of U-100 insulin;

13. Oral rehydration preparations in the form of salts or solutions of W.H.O./Pharmacopoeia standards;

14. Dialysis fluids.

15. Oxygen

SUPPLIES CONNECTED WITH AGRICULTURE

16. Animal feeding stuff suitable for any live bird, fish, crustacean, molluce or other animal of a kind generally used as, or producing, food for human consumption or for any draught animal.

17. Seeds and other means of propagation of plants that are used for providing either food listed in item 1 of the Third Schedule or a feeding stuff to in item 16 above.

18. Preparations formulated for agricultural use, namely, fertilizers, pesticides, fungicides and herbicides.

19. Crop dusting services.”

ACCOMMODATION SERVICES

20. The supply of accommodation in a hotel, inn, guesthouse, boarding house, lodging house or any other similar establishment.

FRUIT CONCENTRATE

21. Locally produced concentrate.

Renumber the existing items (7) to (11) as items (22) to (26), respectively.


Paragraph 3

Substitute the figure “26” for the figure”13” occurring therein.
_________________________
Live and let live

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