7 News Belize

GOB Says No To IMF Tax Hike
posted (June 21, 2017)

Last week Friday, the IMF issued the customary statement after its Article IV consultation.  Noting the projection for lackluster growth and stifling debt, the IMF advised the government to increase the raise the GST rate from 12.5% to 15%, along with limiting zero-rated items and cutting public sector jobs. Today, we spoke to Deputy Prime Minister Patrick Faber about the report, and whether we should expect to see an increase in taxes anytime soon...

Hon. Patrick Faber - Deputy Prime Minister
"Well you will always find that these recommendations coming from the IMF are stern and stiff. Traditionally under the leadership of our current prime minister, we have tried to address the problems in our economy by not always following the prescription from the IMF. Those are often very stern and in fact we have had occasion in the past to learn very difficult lessons politically from following tee tie toe what the IMF recommends. We believe in some home grown measures from time to time that help us. If I recall correctly I do recollect the report saying that while the growth is not where we would want it to be that it is looking positive, that is going to be positive and so we will continue to utilise our home grown efforts where that coincide with what the IMF prescribes then fine but we want to do what is best for our people and whatever measures we put in place to fix the economy cannot come with the result of human suffering further especially for the poor people in this country. So we are resolute in making sure that doesn't happen."

Home | Archives | Downloads/Podcasts | Advertise | Contact Us

7 News Belize