Business & Economy
Income tax exemption threshold is now set to $29,000
As of January 1, 2025, a new income tax exemption threshold was implemented, raising the threshold from $26,000 to $29,000. This change means that workers earning less than $29,000 annually will no longer be required to pay income tax. As a result, over 3000 employees earning below this limit will benefit from making income tax payments, which is a significant advantage for those within this income.
Business & Economy
New World Screwworm: A Potential Threat to Belize’s Livestock Industry
Belize is facing a new issue with New World Screwworm (NWS). The NWS is a highly destructive parasite primarily targeting livestock and other animals. The first case was identified on December 30, 2024, in the Crique Sarco Village Toledo District, followed by another case reported in early January 2025 in the San Pedro Columbia Village. In response, officials have implemented strict measures, including a quarantine zone of three miles around the affected farms, and special permits are now required to move cattle.
Business & Economy
Belize celebrates record-breaking tourist arrivals in 2024
In 2024, Belize's tourism sector has seen remarkable growth, making it a historic year for the industry. The Belize Tourism Board (BTB) reported that overnight visitor arrivals reached 562,405, exceeding pre-pandemic levels by 11.8% compared to 2019, the previous peak year for tourism in the country. The year 2024 has been transformative for Belize's tourism industry, marked by record-breaking visitor numbers and substantial economic contributions, solidifying the country's position as a leading destination in the Caribbean.
Business & Economy
New banknotes featuring national heroes to roll out later this year
In September 2024, the Central Bank of Belize (CBB) announced plans to introduce a new family of banknotes in early 2025. The designs for the new banknotes, which will narrate stories about the country's rich and diverse heritage, are expected to be revealed in January. These new bills will also incorporate the latest security features to combat counterfeiting. Furthermore, the CBB has confirmed that the banknotes will honor two of Belize's national heroes: the late Right Honorable George Cadle Price and the late Honorable Philip Goldson. The new banknotes will continue to be valued at US$1 to BZ$2.
Business & Economy
BTB advises stakeholders to register new or developing accommodation projects
San Pedro Town, located on Ambergris Caye, is a highly sought-after destination for tourism and real estate. It is recognized as the fastest-growing municipality in Belize, with new accommodation projects continually being developed. To assist tourism stakeholders in entering the industry smoothly, the Belize Tourism Board (BTB) reminds all owners of prospective hotels or other types of tourism accommodations that, according to Section 5 (3) of the Hotels and Tourist Accommodation Act, they must apply for and obtain registration from the Registrar of Hotels before beginning any renovations or construction on their developments.
Business & Economy
28 island stores ticketed for price violations
The Government of Belize, through the Supplies Control Unit (SCU) in the Ministry of Agriculture, Food Security, and Enterprise, has been working to monitor grocery store prices nationwide. On Tuesday, January 7th, the SCU released a list of stores that were found to be violating price regulations. Among those cited were 28 stores from San Pedro Town in Ambergris Caye and six from Caye Caulker. In total, 152 stores nationwide were penalized for breaching these price regulations.
Business & Economy
Discover your slice of paradise at Platinum Point Subdivision
Platinum Point Subdivision is located in the heart of the path of progress, 8.5 miles north of San Pedro Town, Ambergris Caye. This rapidly growing area, known as New Town, offers prime investment opportunities for forward-thinking investors. The new subdivision features newly constructed roads, including a quiet access road that is conveniently tucked away from the noise and bustle of the main road. It is also strategically situated near essential amenities, such as grocery stores, a police station, and planned developments for a future school and hospital.
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.