Tuesday, September 25, 2012
NEW MAJORITY SHARE OWNER FROM USA, OF BSI SUGAR FACTORY GETS TAX BREAKS FOR 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.
Posted by A Professional BEACH BUM retires in Belize! at 1:06 PM