In accordance with the International Business Companies (Amendment) Act 2018, all International Business Companies ("IBCs") incorporated on or before October 16, 2017 will continue to benefit from the previously existing tax and stamp duty exemptions until June 30, 2021 save and except that any "relevant activity" or new asset acquired after October 16, 2017 shall not be eligible to benefit from such tax exemptions. Therefore, a Certificate of Tax Exemption may be issued to the IBCs that were incorporated on or before October 16, 2017.
The purpose for this initiative is strictly for regulatory and tax authorities to efficiently monitor the status of the IBC.
Further to the above, all IBC's need to obtain a Tax Identification Number (TIN) from the Belize International Corporate Affairs Registry ("the BICAR"). Having a TIN number does not mean that the IBC is liable for tax in Belize.
A relevant fee for such filing is applicable.
Originally published 22 July 2020.
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