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Compliance requirements in Belize

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Unsure about your accounting, taxation and fiscal obligations in Belize? Keep reading, stay informed and ensure you remain in good standing with local authorities.

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Compliance requirements in Belize

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  2. 2. Compliance Requirements in Belize With latest modifications, all types of legal entities in Belize have compliance requirements. Even IBCs (International Business Companies) must comply with local authorities as of 2020. These obligations fall within the following categories: 1. Corporate Obligations 2. National Taxes 3. Labour Obligations 4. Social Security
  3. 3. 1. Corporate Obligations All legal entities in Belize must meet corporate obligations by implementing good corporate governance to ensure that it is compliant with local authorities and avoid sanctions. Every legal entity in the Belize must: • Maintain Accounting records: According to the Accounting records Act, all companies in Belize must keep their accounting records at their registered office in Belize or at their Registered Agent’s office in Belize. This includes: the assets and liabilities record, the sales and purchases record and all financial transactions. • Present Financial Statements: With the exemption of the Belize IBC, the legal entities will need to submit financial statements according to International Financial Reporting Standards. • Have a fiscal address (Tax Domicile): this is the location of the taxpayer in relation with the Tax Administration.
  4. 4. 2. National Taxes Every legal entity in Belize has obligations to ensure that it is compliant with the legal tax requirements of the National Tax Authority (Income Tax Department). • General Sales Tax (Value Added Tax): paid on a monthly base, this tax applies for companies with local operations. • Business Tax: levied on income generated from capital or work, or a combination of both. The rates will vary depending in the type of company: IBCs’ income tax rate is 1.75% on net income greater than $USD1.5 million and 3% on net income equal to or less than $USD1.5 million. While regular companies' income tax rate is 25%. • Withholding tax: Applies when dividends tax is paid to non-residents. The rate is 15% and when the payment to the non-resident is for a provided service, the rate is 25%.
  5. 5. 3. Labor Obligations Every legal entity in Belize must meet certain labor obligations, including: • Vacations or annual leave: At the end of the year, the employees are entitled to an “Annual Leave” for a two weeks labor period. Additionally, there are 13 public holidays during the year. • Work schedule: maximum 45 hours per week and workers are not obligated to work overtime hours. • Foreign staff: Foreign workers are allowed. Ministry of Labor: The Ministry of Labor of Belize oversees Labor Matters, trade Disputes, trade Unions, wages Council and work Permits.
  6. 6. 4. Social Security The legal entities in Belize must also contribute with the Social Security System, they need to contribute for every employee in its payroll between the ages of 14-65 years old. Both the employer and the employee finance the social security system. Contributions are based on the employee's reported earnings. The rates are measured on the employee weekly earnings and need to be declared and paid on day 14 of each month. The Social Security Benefits are divided in long- and short-term benefits, they are the following: Government Entity: The responsible entity is the Belize Social Security Board. Short term Benefits Long term Benefits Sickness benefits Retirement benefit Maternity Allowance Invalidity grant Maternity grants Survivor´s benefit Funeral grant No contributory pensión
  7. 7. Schedule of Annual Corporate Requirements CORPORATE, TAX, LABOR AND SOCIAL SECURITY SCHEDULE – Belize Requirement to be presented Date of Filing Government Agency Annual financial statement On an annual basis, to be presented 4 months after the end of the fiscal year or on April 30 of each year. Central Bank of Belize Monthly General Sales Tax First 15 days of the month following the declared period. General Sales Tax department Business tax First 15 days of the month following the declared period Income Tax department Annual leave or vacations Depends on the employee´s incorporation date Ministry of Labour Social Security Contribution First 14 days following the declared period Social Security Board
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