House Finance and Economic Development committee to discuss key legislation

House Finance and Economic Development committee to discuss key legislation

To start the first full work week in the new year, the House of Representatives Committee for Finance and Economic Development will consider three pieces of legislation. One of them is the Financial Service Commission Bill. The other two are the Credit Reporting and Fiscal Incentives Bills.  The Financial Service Commission Bill repeals and replaces the Financial Services Commission Act, 2020 to strengthen the regulatory powers of the commission and introduce several key provisions to ensure that it is in line with best international standards and obligations. It is also to ensure the integrity and compliance as well as promote Belize’s reputation for conducting and promoting good business. The Credit Reporting Bill will allow for the creation of a credit bureau in Belize. It will establish a legal framework for a credit reporting system that will provide objective credit information to lenders, foster efficient credit decision-making, and a sound level of consumer protection. The amended Fiscal Incentives Bill also creates much-needed support for MSMEs with important duty exemptions for their capital investments, to incentivize their formalization, and to earmark government procurement to MSMEs. It is with a view to stimulate economic growth and improve Belize’s investment climate. The Committee is inviting people or interested bodies to give their views and recommendations on each of the Bills in person at the meeting on January 9 or write to the Clerk of the National Assembly no later than Friday, January 6

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