Cabinet met in a regular session on Tuesday and there is some good news for Belizeans and Caribbean Community importers alike. It is expected that the approval for the removal of environmental tax from CARICOM will mean lower prices for consumers of CARICOM imports. The other order of the day concerned the cane farmers. And though for the past month some Orange Walk caneros have been at odds with GOB about land use, today the government approved of the renewal of the standard subsidy and license fees waiver. A license is still required, minus the fees. Cabinet is also giving a boost to the Attorney General’s Ministry, by approving additional staff and infrastructure.

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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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