Prime Minister Dean Barrow today signed a 14 million US dollar loan to tax you better. The IDB loan is to strengthen tax administration in Belize, quote, "with the aim of maximizing government revenue generating potential."
That revenue usually comes from you, but a release says the loan, quote, "will increase tax revenue and reduce evasion(by)making it easier for the taxpayers to comply." End quote.
It's a big project, almost 30 million Belize dollars, and even the PM seem surprised at the figure at this morning's signing which was held at his Belize City office.
Cassanda T. Rogers, Country Rep., Inter-American Dev. Bank
"The bank is very pleased to have approved this operation $14 million US dollars to strengthen tax administration in Belize and which of course will contribute the government of Belize efforts to achieve the objectives of this fiscal consolidation program and the objective of that tax and trade policy is to increase export-led growth specifically by focusing in increasing the efficiency and simplicity of the tax system, so we are very pleased with this operation to modernize tax administration in Belize and increase tax revenue."
Rt. Hon. Dean Barrow, Prime Minister
"This particular facility comes at just the right time and we in fact look forward to the fruit that it will bear in terms of strengthening tax administration and as you put it ensuring a better revenue yield for the country something we can always do with."
The Strengthening Tax Administration project is to be executed over a five-year period.