As a recent buyer, I have heard nothing of the above referenced tax. An omission, a mistake, whatever. It is most disconcerting. Since the time involved in the real estate transaction is long, and the rules of the game change more frequently, this is a disturbing issue. Yes Belize is paradise....but...the frequent changes in the rules of engagement are troubling at best. Issssh.

This whole thing is frightening. Is there a place on the web to view the proposed Bill? Does anyone know if there is a provision to "grandfather" agreements to purchase prior to the new stamp tax and the GST? Sure does change the cost of things.............

Thanks for the link Simon - looks like a little "light" reading

I hope they have some "experts" in the tax office to answer questions. I seriously doubt it though.

SimonB, do you mean that there are no experts to help? Or that there are experts, but their services cost a pretty penny? I'm just curious. In the states, everyone says 'of course you should consult your CPA...' but no one says that here.

Looks like investors in property will be paying the Land Transfer (Stamp Tax) of 15% and included in the purchase price will be the GST of 10% (Part VIII, item 90 for those of you keeping score & attributed by Lan to be paid by seller). Add this to the "regular costs" - attorney, etc. and it could end up around that 30% mark. It appears that the GST (10%) could act as a kind of "Capital Gains" tax in that it must be includued in the price of the item (or service), also, unless I am reading it incorrectly, it may also act as an inheritance tax (P I, item 7(h)), as it appears that it applies to the transfer between "related persons" and the determination of Fair Market Value. It looks to be one of those "sweeping taxes" used by governments to quickly add revenue to the coffers. They figure out what might be out there they have missed and pick it up under one umbrella. It looks that they are essentially expanding the existing sales tax - which would then be repealed upon adoption of the GST (P VIII, item 98). Many times the "sweeping" portion doesn't last long (a few years), but would/should have an impact on the investor who is looking in the next couple years (me). A tough one that I will be watching closely.

-LI

The way I look at it, if there's to be a major tax change I should be able to go to the tax office and be able to talk to someone for free about how the tax applies to my business. Problem is the likelihood of that being fact is probably slim to none.

Hear, hear, Simon

Hopefully common coutesy AND common sense prevail -

Buy you a pint at the SG Pub in 28 days and you can tell me if you've had any luck!

- LI

Deal!