The Trade License Reform has been in the works since 2014. Due to the inconsistencies of the current Trade License Act, challenges for the business community and municipal government have increased in regard to forecasting and budgeting revenues and expenditures. As a result, a new proposal has been made in hopes of creating a standardized system to facilitate economic advancement in Belize and enhance the business environment.
In a recent meeting with Mr. Clifford King, Director of Local Government with the Ministry of Rural Transformation, and a few Directors of AREBB, representing the Real Estate Sector in Belize, the most critical elements of the proposed bill were discussed. There was a presentation of items on the Bill that directly affects the real estate sector along with pertinent points which included the proposed municipal regime, the productive footprint, and the proposed trade licensing for the rural sector.
– The municipal regime consists of the zoning and classification of business types along with costs per square footage.
– The productive footprint includes the definition and assessment considerations.
– The proposed Trade Licensing fee structure for the Rural Sector was analyzed and dissected.
Ultimately, Local Government wishes to make the bill effective by January 2023.
We thank Mr. King for meeting with us as we continue to work with Local Government in regulating the real estate industry in Belize.