Facts on Company's Income Tax Policy
If a Company does not operate under a Fiscal Incentives (Approved Enterprise
Order) the total tax payable is 35% of the chargeable income.
FOR ADDITIONAL INFORMATION
All companies should file a Company's Income Tax Return, together with their
financial statements within three (3) months of the end of the financial
period, to the nearest Income Tax Department. If more time is required a
request in writing should be directed to the Commissioner of Income Tax
BEFORE the due date. Otherwise a penalty for
late filing may be levied. This penalty for late filing is a levy of 3%
of the tax for the financial period, for each month or part of the month
in which the return is late to a total of twenty (20) months.
The penalty for late payment of income tax is 1.5% per month on the unpaid
amount from the due date to the date of payment. This applies to any deficiencies
in installment as well as to any other amount. In the case of installments
this charge is based on the tax calculated on the chargeable income for the
previous financial period or the actual income tax for the financial period
for which this return is filed, which ever is less. This charge also applies
to any amount unpaid after the date for final payment.
A company should pay its income tax by quarterly installments. Installments
are due no later than the last day of the 3rd, 6th, 9th, and
12th month of the company's financial period.
If a company wishes to employ foreign consultancy, technicians
etc. who are not normally resident in Belize, their names should
be registered at the Income Tax Department and the company should deduct
25% of total income paid to this non-resident.
INCOME TAX DEPARTMENT
PHONE: (501) 2-24776, 24005,24956
FAX: (501) 2-24029
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