GOB seeks fair share from BTL
The House of Representatives will be meeting on Friday November 14. Among other things, at that meeting Government will be introducing a bill to increase the level of Business Tax that it currently gets from Belize Telemedia Limited (BTL).
Judging from the public statements being made by BTL representatives, it would seem that the company is none too happy with government’s decision of increasing taxes. But as Government has made its decision to increase the taxes on BTL from 19 to 24.5 percent on gross income, BTL should be the one least expected to complain.
In a Report of the Directors which the Guardian has gotten a hold of, the company is recording another year of record breaking profits. Revenue for the company had an increase from $140,467,000 to $156,938,000 representing a $16,471,000 increase. Of that, net profits are $37,800,000 up from $26,155,000 last year.
Notably revenue increases are $13.8 million in prepaid services including costs for fixed and cellular lines. There was also a $1 million increase in roaming charges from persons visiting Belize, $1 million increase in net international settlements and $2.8 million in increase for Internet and data services. The bottom line is that BTL is making quite a large profit from customers especially when talking through pre-paid services.
With Government’s increase in taxation on the single most profitable company in Belize, Government’s take is expected to go up by at least $10 million more from last year’s taxation which stands in the range of $25 million.