Belize Tax

Date：2021/02/10

Belize has passed Economic Substance (ES) legislation on 11 October 2019. According to the implementation rules, there are:

All companies are required to apply for a TIN.
Companies are considered tax resident, and must file tax return and pay tax in Belize UNLESS companies who are residents of foreign countries and have no permanent establishment in Belize (These companies should submit information as their tax jurisdiction and beneficial owner, direct and indirect owners including of their tax residency).
IBC’s incorporated under the IBC Act and has physical presence will pay taxes at the rates specified in the ninth schedule. The ninth schedule determines tax rate based on the business activities of the company. It is important to note that the tax is a gross receipts tax called business tax. This is based on gross revenue (not gross profit or net profit).
The tax return and payment are done yearly by 31 March 2021. This year, there is an extension given to September 2021.
Companies that existed prior to 17 October 2017 do not have to file until next year 31 March – with revenue information based on July – December 2021.