The government of Belize and the country's sole oil producer US firm BNE have reached agreement on an oil windfall tax."Anything that BNE gets.above 90/bl is what will be treated as the windfall and that windfall will be split 50:50 between BNE and the government of Belize,"prime minister Dean Barrow says.The new tax is effective from September.The windfall tax was a pre-election promise by the United Democratic party(UDP),which won the 7 February general election.Given the surge in world oil prices,Barrow argued that it was"fair that the govern-ment gets something in addition to the natural increase that comes by way of income tax"(ALE,6 June,p3).
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