IMF Urges Belize to Broaden Tax Base and Rein In VAT Breaks for Economic Growth

• IMF recommends Belize broaden tax base
• Suggestions include raising excise taxes, rebalancing manufacturing taxes, and strengthening revenue administration
• Tax policy measures could increase tax-to-GDP ratio by 2% by 2025
• Recommendations include taxing non-first necessity items at GST rate, standardizing personal income tax exemption thresholds, and raising excise taxes on fuel and fees on vehicle registrations
• Strengthening revenue administration could raise additional revenue
• If needed, Government should consider raising GST rate or expanding list of zero-rated items taxed at standard rate.

Source: vitallaw.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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