Business & Economy
Water taxi fees to increase
The water taxi fare for traveling to and from the Cayes has increased following an announcement from the Belize Port Authority (BPA) on January 1st. The BPA raised the Passenger User Fee (Port Fee) from BZ$2 to BZ$3. As a result, San Pedro Belize Express has increased ticket prices by BZ$2 for round trips and BZ$1 for one-way trips from Belize City. In contrast, Caribbean Sprinters have stated that their prices will remain unchanged. Other companies, such as Thunderbolt, which operates the route between San Pedro and Corozal, have not yet adjusted their prices.
Business & Economy
Secret Beach stakeholders addressed soliciting concerns
During a meeting on November 28th, Mayor Gualberto ‘Wally’ Nuñez and stakeholders from the Secret Beach Area discussed the issue of excessive solicitation, which negatively impacts local businesses. A stakeholder reported that some companies were encouraging employees to approach tourists outside their premises, making visitors uncomfortable. Members of the San Pedro Police Formation were present at the meeting. By the end of the discussions, all attendees agreed that employees must remain within their business premises.
Business & Economy
Belize Women’s Seaweed Farmers Association Dives into Sustainable Future: New Seaweed Mariculture Project Launched with UK Support
The Belize Women’s Seaweed Farmers Association (BWSFA), a dynamic women-led organization inclusive of men, women, and youth, proudly announces the launch of its transformative project, “Empowering BWSFA: Strengthening Sustainable Seaweed Mariculture through Capacity Building, Marketing, and Innovation.” This initiative is made possible through approximately £100,000 in funding under the UK Government’s Sustainable Blue Economies Programme Blue Social Challenge Fund (BSCF).
Business & Economy
SIB report 6.6% GDP growth in 3rd quarter of 2024
The Statistical Institute of Belize (SIB) has reported a 6.6% growth in the country's Gross Domestic Product (GDP) for the third quarter of 2024, indicating a continuation of the positive economic trends observed throughout the year. This growth follows a 10.5% increase in the second quarter and a 10% rise in the first quarter, demonstrating a robust economic recovery post-pandemic.
Business & Economy
Belize Introduces Moveable Property Secured Transactions Law and Launches Collateral Registry
The Financial Services Commission of Belize (FSC) announces a landmark step towards financial inclusion and economic growth with the enactment of the Moveable Property Secured Transactions Legislation (Act No. 21 of 2024). Effective November 25, 2024, under Statutory Instrument (S.I.) No. 150 of 2024, this legislation modernises Belize’s financial landscape by enabling movable assets to be used as collateral for loans and establishing the Secured Transactions and Collateral Registry (STCR).
Business & Economy
San Pedro’s Gladys Urbina elected new president of the Belize Financial Industry Association
Gladys Urbina was elected President of the Belize Financial Industry Association (BFIA) during its annual general meeting on December 11, 2024. This transition signifies a notable change from its previous name, the Belize International Financial Services Association (BIFSA), reflecting a broader focus on the financial sector in Belize.
Business & Economy
Government waives General Sales Tax for four days to help Christmas shoppers
The government has announced that on December 14th, 15th, 21st, and 22nd, local retail purchases will be exempt from the 12.5% General Sales Tax (GST). This exemption applies to goods purchased at grocery stores, supermarkets, hardware stores, and convenience stores. However, certain items, such as alcoholic beverages, vehicles, cigarettes, and gasoline, will not be exempt from the GST. Customers are encouraged to check their receipts to ensure they are not incorrectly charged. Establishments that violate this tax exemption on the specified dates will face penalties.
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.
