Business & Economy
Government of Belize Announces First-Ever GST Christmas Waiver
The Government of Belize announces that, for the first time, General Sales Tax (GST) will be waived on local retail sales of ALL standard-rated goods on December 14, 15, 21, and 22, 2024, subject to certain exceptions. On these days, Belizeans can purchase goods in shops and stores across the country without having to pay the 12.5% tax usually applied to most purchases.
In addition, for the entire month of December, picnic shoulder hams, smoked ham legs, and imported turkeys will be zero-rated.
Business & Economy
San Pedro Town Council introduces Municipal Securities
On Wednesday, December 4th, the San Pedro Town Council (SPTC) presented their project, Municipal Securities (Municipal Bonds and Notes). This initiative will enable residents to invest in a fund to develop the municipality further. Currently, the program allows accredited stakeholders to invest in SPTC Municipal Securities with a commitment to repay them with interest over time. The program is expected to be public by the end of January 2025.
Business & Economy
Belize Bank reveals rebranded icon introducing a new era in banking
On Tuesday, November 26th, Belize Bank Limited unveiled its new brand icon during a nationwide event. This new digital icon symbolizes hope for the future and embodies the identity of the second oldest bank in Central America, illustrating its current position and future direction. The icon also reflects Belize Bank’s roots, purpose, and vision since its establishment in 1902.
Business & Economy
Island Tourism Stakeholder take part in Sustainability as a Business Revaluation Workshop
On November 26th, in San Pedro Town, Riviera Maya Sostenible, a Mexico-based organization, partnered with the Inter-American Development Bank (IDB) and the Belize Tourism Board (BTB) to host a workshop titled "Sustainability as a Business Revaluation Process" at the San Pedro Lions Club Den. The event aimed to support global sustainability goals by raising awareness and encouraging the local tourism industry to adopt sustainable practices. Promoting sustainability is essential for Belize's tourism sector, as it contributes to economic growth while safeguarding the environment and preserving cultural heritage.
Business & Economy
Mayor Wally Nuñez responds to lawsuit
The Mayor of San Pedro Town, Gualberto 'Wally' Nuñez, is facing a lawsuit over accusations that he demanded personal payment from a local business owner seeking approval for construction permits. Mayor Nuñez has denied these accusations and is currently discussing the matter with his attorney as the case is scheduled to be heard in the High Court in Belize City.
Business & Economy
Belize actively seeking investments to support economic growth
During the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., this October, Belize's delegation was led by the Honorable Christopher Coye, Minister of State in the Ministry of Finance. The Belizean delegation is anticipating closing a loan with the World Bank to finance renewable energy projects. This initiative is part of a broader plan to attract new investments to Belize and take advantage of trends such as nearshoring. International financial institutions in Belize, like Caye International Bank (CIB), believe the country has the potential to become a trade finance hub due to its strategic location in Central America.
Business & Economy
UK Confirms Sugar Quota Policies, Securing Key Benefits for Belize’s Sugar Industry and Cane Farmers
The Ministry of Foreign Affairs and Foreign Trade is pleased to announce a positive development for Belize’s sugar industry following the UK’s recent decision to maintain its current Autonomous Tariff Quota (ATQ) for raw cane sugar. There will be no increase in access for suppliers who are not part of the Organization of African, Caribbean, and Pacific States (OACPS). This decision, shared by the British High Commissioner, preserves critical market access for Belize’s sugar exports in 2025, providing substantial benefits for the country’s sugar sector, especially Belize’s dedicated cane farmers.
Business & Economy
Businesses in San Pedro eagerly await the high tourism season
The low season in Belize coincides with the rainy season, which lasts from May to November and has peak rainfall between July and October. Despite the challenging weather conditions, many travelers continue to visit popular tourist destinations like Caye Caulker and San Pedro (Ambergris Caye), taking advantage of the more competitive pricing available during this time. However, the slow season significantly impacts business operations across the islands.
Business & Economy
Another large development coming to Ambergris Caye
On Friday, October 11th, Black Iron Development Inc., a real estate investment firm focusing on acquiring and modernizing over 2,000 apartment units, large condominium complexes, and hundreds of single-family homes, announced the launch of its latest project, Platinum Beach. The development boasts electricity, internet, and a primary private road. Additionally, several beachfront resorts are located nearby. Lot sizes range from 5500 to 5800 square feet, approximately 1,000 feet to the east. The project's plans include a luxury hotel, a spa, and sixty buildings, all planned to be on waterfront lots. After the land purchase, the project began two years ago, in 2022, and is now effectively selling properties.
Business & Economy
What’s New: Pletts Electronics officially opens in San Pedro Town
San Pedranos now have more options for accessing top-quality electronics and mobile phones with the opening of Pletts Electronics on Laguna Drive near the Boca del Rio bridge. The store held its grand opening on Friday, October 18th. Customers had the chance to win fabulous giveaways, grab fantastic deals, enjoy refreshments, and meet Pletts’ dedicated staff.
Business & Economy
Caye International Bank recognized with the AI 2024 Global Excellence Award
Based in Ambergris Caye, Caye International Bank (CIB) has been honored with the AI 2024 Global Excellence Award and named Offshore Bank of the Year for Central America. Acquisition International magazine, an online platform providing global financial news, announced this. CIB’s President, Luigi Wewege, also received recognition as Offshore Bank President of the Year.
