IMF RECOMMENDS THAT GOB INCREASE CERTAIN TAXES:
Following a visit to Belize earlier this year by the officials of the International Monetary Fund for its Article Four Consultation, the I-M-F has reportedly submitted its findings to Government. These include a number of recommendations to Government, suggesting that government collect business tax from banks, increase average sales tax rate by 40 percent, increase excise rate by 50 percent, adjust tax rates to maintain buoyancy. The I-M-F is also suggesting to government to limit the wage bill to 225 million dollars, identify additional savings of 5 million dollars in goods and services and cut back on Capital Two spending by 25 million dollars. Other recommendations to government by the I-M-F include increase cash reserve requirement from 8 to 9 percent and the setting up of a calendar to close down the Casa de Cambios.