{"id":536,"date":"2022-04-08T15:12:42","date_gmt":"2022-04-08T15:12:42","guid":{"rendered":"http:\/\/gpd.gov.bz\/?page_id=536"},"modified":"2023-09-12T22:00:55","modified_gmt":"2023-09-12T22:00:55","slug":"revenues","status":"publish","type":"page","link":"https:\/\/gpd.gov.bz\/index.php\/revenues\/","title":{"rendered":"Revenues"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"536\" class=\"elementor elementor-536\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-211dc16b envato-kit-141-top-0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"211dc16b\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-29ee64f4\" data-id=\"29ee64f4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eb4b64f elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"eb4b64f\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_animation_delay&quot;:100}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! 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elementor - v3.6.2 - 04-04-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><b><span lang=\"EN-BZ\" style=\"font-size: 18.0pt; line-height: 115%; font-family: 'Arial',sans-serif;\">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;THE FISCAL REGIME<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span lang=\"EN-BZ\" style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif;\">As per the Belize Petroleum Act, Revised Edition 2000 and the Belize Petroleum Regulations, 1992, the Government enters into Production Sharing Agreements with reputable companies who pass the established screening process with the objective to explore for petroleum resources within Belize. <\/span><\/p>\n<p style=\"text-align: justify;\"><span lang=\"EN-BZ\" style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif;\">The current fiscal regime used in Belize is a hybrid of a royalty\/tax and production sharing regime with a 10% working interest option for the Government in fields declared commercial.<\/span><\/p>\n<p style=\"text-align: center;\" align=\"center\"><b><span lang=\"EN-BZ\" style=\"font-size: 18.0pt; line-height: 115%; font-family: 'Arial',sans-serif;\">REVENUES<\/span><\/b><\/p>\n<p style=\"text-align: justify; mso-pagination: none;\"><span lang=\"EN-BZ\" style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif;\">The Petroleum Act and Schedule 1 of the Petroleum Regulations mandates all petroleum companies who hold licenses to make payment to the Government of Belize, in US Dollars, an annual administration fee and surface rental fees.<\/span><\/p>\n<p style=\"text-align: justify; mso-pagination: none;\"><span lang=\"EN-BZ\" style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif;\">Companies in the production stage <\/span><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-ansi-language: EN-US;\">pay to the Government of Belize, 5 different forms of revenues from petroleum produced and sold. These fiscal instruments are:<\/span><\/p>\n<p style=\"text-align: justify; text-indent: -.25in; mso-pagination: none; mso-list: l0 level1 lfo1;\"><!-- [if !supportLists]--><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-fareast-font-family: Arial; mso-ansi-language: EN-US;\">1.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-ansi-language: EN-US;\">Royalty at a minimum of 7.5% on oil and 5% on gas, negotiated in the contract.<\/span><\/p>\n<p style=\"text-align: justify; text-indent: -.25in; mso-pagination: none; mso-list: l0 level1 lfo1;\"><!-- [if !supportLists]--><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-fareast-font-family: Arial; mso-ansi-language: EN-US;\">2.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';\">&nbsp; &nbsp;&nbsp;<\/span><\/span><span style=\"font-weight: var( --e-global-typography-text-font-weight ); font-size: 12pt; line-height: 18.4px; font-family: Arial, sans-serif;\"><span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;\">&nbsp;<\/span><\/span><span style=\"font-weight: var( --e-global-typography-text-font-weight ); font-size: 12pt; line-height: 18.4px; font-family: Arial, sans-serif;\">Government Production Share, negotiated in the contract.<\/span><\/p><p style=\"text-align: justify; text-indent: -.25in; mso-pagination: none; mso-list: l0 level1 lfo1;\"><\/p><p style=\"text-align: justify; text-indent: -.25in; mso-pagination: none; mso-list: l0 level1 lfo1;\"><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-fareast-font-family: Arial; mso-ansi-language: EN-US;\">3.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';\">&nbsp; &nbsp;<\/span><\/span><span style=\"font-family: Arial, sans-serif; font-size: 16px; font-weight: var( --e-global-typography-text-font-weight );\">Revenues from the Government\u2019s 10% Working Interest in an oilfield.<\/span><\/p>\n<p style=\"text-align: justify; text-indent: -.25in; mso-pagination: none; mso-list: l0 level1 lfo1;\"><!-- [if !supportLists]--><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-fareast-font-family: Arial; mso-ansi-language: EN-US;\">4.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';\">&nbsp; &nbsp;&nbsp;<\/span><\/span><span style=\"font-family: Arial, sans-serif; font-size: 16px; font-weight: var( --e-global-typography-text-font-weight );\">40% Income Tax.&nbsp;<\/span><\/p>\n<p style=\"text-align: justify; text-indent: -.25in; mso-pagination: none; mso-list: l0 level1 lfo1;\"><!-- [if !supportLists]--><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-fareast-font-family: Arial; mso-ansi-language: EN-US;\">5.<span style=\"font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';\">&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-ansi-language: EN-US;\">Petroleum Surcharge from windfall profits from high oil prices ($90\/bbl for existing field &amp; $100\/bbl on new field).<\/span><\/p>\n<p><\/p>\n<p style=\"text-align: justify; mso-pagination: none;\"><span style=\"font-size: 12.0pt; line-height: 115%; font-family: 'Arial',sans-serif; mso-ansi-language: EN-US;\">Additionally, producing companies pay a transportation tax per barrel of oil trucked on public highways.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Revenues &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;THE FISCAL REGIME As per the Belize Petroleum Act, Revised Edition 2000 and the Belize Petroleum Regulations, 1992, the Government&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/gpd.gov.bz\/index.php\/wp-json\/wp\/v2\/pages\/536"}],"collection":[{"href":"https:\/\/gpd.gov.bz\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/gpd.gov.bz\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/gpd.gov.bz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gpd.gov.bz\/index.php\/wp-json\/wp\/v2\/comments?post=536"}],"version-history":[{"count":20,"href":"https:\/\/gpd.gov.bz\/index.php\/wp-json\/wp\/v2\/pages\/536\/revisions"}],"predecessor-version":[{"id":1810,"href":"https:\/\/gpd.gov.bz\/index.php\/wp-json\/wp\/v2\/pages\/536\/revisions\/1810"}],"wp:attachment":[{"href":"https:\/\/gpd.gov.bz\/index.php\/wp-json\/wp\/v2\/media?parent=536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}