Q：
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What types of business activities are taxable in Belize?
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A：
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All businesses are now taxable in Belize except the income from the following business:
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Receipts of Export Processing Zone business;
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Winnings from Boledo and Jackpot Lottery, or any other lottery where the winnings is less than BZD$1,500.00, and from slot machines and table games of less than BZD$1,000;
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Interest from any notes or bonds issued by the Government of Belize;
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Rental receipts of less than BZD$800 per month where rents form the only “source of livelihood of the taxpayer”; or
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Interest on Savings and Term Deposits.
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Q：
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What is the business tax rate in Belize?
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A：
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The business tax rate will be charged according to types of business which from 0% (e.g. Pure equity Holding); 1.75% (e.g. Trading) to 19% (e.g. Telecommunication) of the revenue in the Ninth Schedule of Sections 111 (3) and 113 (2) of Income and Business Tax Act.
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Q：
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My company does not have any business or only has small income, could we be exempted from the business tax?
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A：
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If your company does not have business or only have a single business with income less than the below amount, your company is exempted from the business tax in Belize.
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Trade and Business USD37,500
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Professional Services USD10,000
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Rental Receipts USD4,800
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All other income USD37,500
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Q：
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When should I file the annual tax form?
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A：
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The annual tax form must be submitted on or before 31 March in every year. You still need to submit the tax form even your company does not have any income.
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Q：
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What should I do before filing annual tax form?
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A：
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You need to apply a Tax Identification Number (TIN) for your company before filing the tax form. Preparation of financial statement is required to be submitted along with the annual tax form.
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Q：
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Do my company need to prepare the audited financial statement?
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A：
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If your company’s income more than USD6,000,000, your company is required to submit audited financial statement in accordance with International Financial Reporting Standards. Otherwise, your company with income less than USD6,000,000 only need to submit a copy of financial statements.
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Q：
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If my company is tax resident of other jurisdiction, can I apply the tax exemption in Belize and what information should be provided?
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A：
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If the company is a tax resident of other jurisdiction, relevant proofs of tax paid must be provided together with the annual tax form in order to claim the tax exemption.
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Q：
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Is there any penalty for late filing of tax form and late payment of business tax?
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A：
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Yes. For late or non-filing of tax form, a penalty of 10% of the tax due every month plus part of the month that the return remains outstanding, minimum of BZD$10.00 penalty and a maximum of 24 months period.
For late or non-payment of business tax, a penalty of 1.5% interest per month on all unpaid balance from the time it was due up to the date of payment.
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FAQ
