Designated Processing Areas Bill Passed by Senate
38 views · Published 18 December 2018 · 2:12 · Indexed 4 October 2026
Channel: Greater Belize Media | GBM · 2018 · News & Politics
For the latest news across Belize, visit: http://edition.channel5belize.com/ The Senate today passed the Designated Processing Areas Bill. It’s a piece of legislation that will replace the Export Processing Zone Act and according to the government, the Designated Processing Areas Bill seeks to ease investment, production of value-adding enterprises and ensure compliance with regulations and standards. The bill was necessary to ensure Belize’s compliance on subsidy travailing measures given by the World Trade Organization. As a member of the W.T.O., Belize is in violation of the Agreement on Subsidies and Countervailing Measures. In order to avoid any sort of international repercussions, Belize needs to meet obligations as it relates to the EU’s code of conduct on harmful tax practices that seek to maximize efforts to prevent tax fraud and tax evasion.
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