Belmopan - 02 November, 2005.
Cabinet met in regular session on Tuesday, November 1, 2005.
The following items are submitted for public information:
• Cabinet considers introduction of GST
At its meeting today, Cabinet began its deliberations on the first stages of the implementation of a Goods and Services Tax or a General Sales Tax (GST), which is expected to be introduced in the next financial year. Cabinet’s deliberations were informed by a report from Hon. Jose Coye, Chairman of the Tax Reform Commission.
Minister Coye informed Cabinet that a special meeting of the Tax Reform Commission was held on October 19, 2005 to discuss exclusively the consumption tax. He reported that after a protracted discussion there was a general accord for a tax, but with conditions ranging from rate to exemptions to threshold, and that the tax be taken in the context of an overall tax system reform to be recommended.
Cabinet has set aside a special session on Tuesday, November 8, 2005, to finalize its consideration of the new tax as well as the legislative mechanism to be put in place.
(GOB Press Office)