By Breaking Belize News Staff (HP): Prime Minister John Briceño says the Government of Belize has given up more than $40 million in fuel tax revenue as part of efforts to cushion Belizeans from even higher prices at the pump.
Briceño made the disclosure while responding to questions about the record price of diesel, which has reached $15.60 per gallon in Belize City.
The Prime Minister explained that fuel taxes have traditionally been an important source of Government revenue, particularly because taxes on imported fuel are relatively straightforward to collect.
However, Briceño said his administration has repeatedly reduced the amount of tax collected when international fuel costs increased in an effort to limit how much of those increases are passed on to consumers.
He estimated that those interventions have resulted in Government foregoing more than $40 million in revenue.
“I think we’ve lost, don’t quote me on it, but somewhere around $40 plus million,” Briceño said, making clear that he was providing an estimate rather than a confirmed final figure.
With diesel now at record levels, the Prime Minister said he plans to meet with the Financial Secretary to determine whether Government has room to provide additional relief.
Briceño said further reductions have to be weighed against Government’s need for revenue to finance education, healthcare, infrastructure and other public programmes.
He said Government therefore has to walk a “fine line” between maintaining financial sustainability and providing relief to Belizean consumers.
No new fuel tax reduction was announced, but Briceño indicated that additional relief would be discussed with the Financial Secretary.
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By Breaking Belize News Staff (HP): Prime Minister John Briceño says the Government of Belize has given up more than $40 million in fuel tax revenue as part of efforts to cushion Belizeans from even higher prices at the pump. Briceño made the disclosure while responding to questions about the record price of diesel, which
The post Government has given up over $40 million in fuel tax revenue to ease pump prices, PM says appeared first on Belize News and Opinion on www.breakingbelizenews.com.
