By Zoila Palma: Prime Minister John Briceno has indicated that the Belize Tax Service will review the current income tax brackets in an effort to assist in alleviating cost-of-living pressures on Belizeans.
“I wish we could get away and just waive all income taxes at least that would be my goal, my vision that someday we can do that‚ but whenever we do that, if we cut those taxes, we have to find where we will get those revenues to replace that.
And a large portion of the taxes we collect are from employees that make between $29,000 and $50,000, so Cabinet has directed the Belize Tax Service to look at that bracket and to see what other cuts we can do. Can we cut it down to 15%? Can we raise the threshold a little bit more,” the Prime Minister said.
The PM says that following the Belize Tax Service’s revision, they will return to cabinet with recommendations of what is affordable.
The post PM says Belize Tax Service to review income tax brackets, explore possible reduction appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Prime Minister John Briceno has indicated that the Belize Tax Service will review the current income tax brackets in an effort to assist in alleviating cost-of-living pressures on Belizeans. “I wish we could get away and just waive all income taxes at least that would be my goal, my vision that someday
The post PM says Belize Tax Service to review income tax brackets, explore possible reduction appeared first on Belize News and Opinion on www.breakingbelizenews.com.
