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Belize Announces Land Tax Amnesty

by Phillip Morton, Investors

17 December 2010

The Belizean government has announced the launch of a land tax amnesty, which will allow Belizean taxpayers to settle outstanding tax balances with the Lands and Survey Department with concessions given on penalties.

Making the announcement, Gaspar Luna, the Public Relations Officer in the Ministry of Natural Resources and the Environment, said:

“This program is designed to afford land owners the opportunity to settle their outstanding land tax arrears over a six month period which started from the 15 November 2010 and will run until May 14, 2011."

“The land tax program provides . . . . 25% reduction for tax arrears up to the fiscal year 2009/2010 and a waiver of interest accrued inclusive of all or any penalties for non-payment up to fiscal year 2009/2010.”

“All persons interested in participating in the land tax amnesty program are advised that they must enter into a written contractual arrangement expressing their interest to participate. Participants must note that they shall pay the balance of the outstanding taxes in full before the expiration of the land tax amnesty period.”

“Participants are also reminded that failure to comply with the contractual agreement will nullify benefits of the remission granted under the program and the entire tax due before the entire remission shall become immediately due and payable and may be recovered in the manner provided by the Land Tax Act.”

The Lands and Survey Department has been charged with administering the initiative, the government said.

TAGS: individuals | compliance | tax | business | tax compliance | property tax | tax avoidance | real-estate | Belize | offshore | penalties

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