The Bank of Belize has been ordered to pay the government USD11m worth of arrears relating to unpaid income and business taxes.
The decision was made by Revenue Court Magistrate Edd Usher, who ruled that the Bank had accumulated the debt as a result of failing to pay the taxes stated between the years 2006 and 2008.
The bank's legal representatives are arguing however, that the amount of money under dispute cannot officially be adjudicated by the Magistrates Court, which can only usually deal with sums of money up to the value of BZD5,000.
They have also pointed out that because of how far back the arrears are dated, the court should postpone the case until after an application by the bank has been heard by the Supreme Court.
Mr Usher has given the bank until February 12 to settle the outstanding taxes.
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