Breakfast meeting: Revision of the land tax act and its effects on landowners

On April 15 th , 2004 Ambassador and Mrs. Freeman hosted a breakfast meeting to discuss the revision of the land tax act and its effects on landowners. Special invited guests were the Honorable Ralph Fonseca and Mrs. Geraldine Davis, Inland Revenue Commissioner. Other invitees were the newly elected AMCHAM Board and members of the Chamber Mr. Walt Mischer and Mr. Mark Kilkenny of Yalbac Ranch and Giacomo Sanchez of Deloitte. . In addition to Ambassador and Mrs Freeman, Lloyd Moss, Ed Embrey, and Darlene Gentle from the American Embassy attended the breakfast.

As a prelude to the discussions the Minister gave an overview of the country's revenues commitment. He stated that the land taxes had remained stagnant for the past 30 years and that the amendments served to bring the taxes up to date as stipulated in the land tax act. He reiterated that over the past 30 years the Ministry of Natural resources had not sought to apply the valuation every three years. Had this exercise been conducted, the revenues generated by this Ministry would have met or covered its annual financial commitments.

In responding to queries by Yalbac the Minister advised that any landowner affected adversely by the tax increase should make representation to the Lands commissioner and the Minister of Natural Resources. If the particular landowner seeks further redress then application should be made to the Ministry of Finance for consideration.

The breakfast duly ended at 9:35 am. AMCHAM President duly thanked the Ambassador and his wife for yet another breakfast invite, the Minister and Mrs. Davis for attending and the other participants.

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