CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. No Tax Changes For Belize In 2013-14 Budget

No Tax Changes For Belize In 2013-14 Budget

by Mike Godfrey, Tax-News.com, Washington

05 March 2013


The Belize Government has announced no new tax measures in its 2013-14 Budget, but instead anticipates that improvements to tax administration will boost tax compliance rates.

The Government has newly implemented the ASYCUDA tax administration system, a computerized customs management system, developed by the United Nations Conference on Trade and Development (UNTCAD), which covers most foreign trade procedures. In particular, the system handles manifests and customs declarations, accounting procedures, transit and suspense procedures. The Belize Governments hopes the system will boost customs duty collections and improve authorities' ability to tackle non-compliance with respect to the nation's General Sales Tax (GST) and Business and Income Tax regimes.

As part of a wider review of the tax regime - with technical support from the International Monetary Fund - the Government is to consider bringing the hotel accommodation services sector fully under the General Sales Tax net while at the same time repealing the Hotel Accommodation Tax. The Government is evaluating ways to allow GST credits for the hotel sector in cases where services are in fact business inputs, while mitigating the potential for tax avoidance.

The Government is also examining ways to address the structural problems of, and improve the competitiveness in, the cruise service industry, through possible reductions in customs duties on inputs for such services and possible reform of the cascading business tax regime.

Comprehensive tax reform has been deferred until the Belize Government receives feedback on the local tax regime from the International Monetary Fund.

TAGS: compliance | tax | business | tax avoidance | mining | accounting | audit | Belize | trade | services

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »