New foreign ( USA ) majority share owner gets big exemptions during B.S.I. buyout, from Government.
We
will have more on the American Sugar Refinery when a Bill called The
Sugar Industry and Cogeneration Project is tabled in the House of
Representatives for immediate passage later this week. But from a quick
look, ASR appears to have worked out its own accommodation agreement.
As you know, the company is acquiring shares in the Belize Sugar
Industry and the government is calling it a major investment package for
the ailing economy. The deal, however, includes major
tax exemptions
and will give BSI a huge advantage in the production of sugar cane over
the cane farmers. Firstly, there is a total exemption of income and
business taxes retroactive to 2008. Thereafter, there are proposed
partial yearly tax exemptions beginning next year and up to 2016 in this
manner: Eighty percent from January first to December thirty-first,
2013, in 2014, a sixty percent reduction, in 2015 a forty percent and
the following year 2016 a twenty percent. The sweet deal also includes
withholding tax on dividends, on payments for technical services and tax
exemptions for ten years on custom and excise duties and environmental
tax. There is more, a fifty percent stamp exemption on stamp duty for
security documents and the Bill seeks to give BSI unrestricted right to
export raw sugar and molasses for a period of ten years.
We
will have more on the American Sugar Refinery when a Bill called The
Sugar Industry and Cogeneration Project is tabled in the House of
Representatives for immediate passage later this week. But from a quick
look, ASR appears to have worked out its own accommodation agreement.
As you know, the company is acquiring shares in the Belize Sugar
Industry and the government is calling it a major investment package for
the ailing economy. The deal, however, includes major tax exemptions
and will give BSI a huge advantage in the production of sugar cane over
the cane farmers. Firstly, there is a total exemption of income and
business taxes retroactive to 2008. Thereafter, there are proposed
partial yearly tax exemptions beginning next year and up to 2016 in this
manner: Eighty percent from January first to December thirty-first,
2013, in 2014, a sixty percent reduction, in 2015 a forty percent and
the following year 2016 a twenty percent. The sweet deal also includes
withholding tax on dividends, on payments for technical services and tax
exemptions for ten years on custom and excise duties and environmental
tax. There is more, a fifty percent stamp exemption on stamp duty for
security documents and the Bill seeks to give BSI unrestricted right to
export raw sugar and molasses for a period of ten years.
Posts
No comments:
Post a Comment