Home » Categories » Multiple Categories

Accounting Records (Maintenance) Act 2013

Belize has recently passed the Accounting Records (Maintenance) Act in a bid to improve the country’s legal and regulatory framework.

In accordance with the Act, every entity shall keep its accounting records at any of the following locations:

  • At its registered office in Belize.
  • At the office of its Registered Agent in Belize.
  • At such other place within or outside Belize as may be determined by its directors or other competent persons.

If the accounting records of an entity are kept outside Belize then such entity shall provide its Registered Agent in Belize with a written record of the physical address of the place(s) where the accounting records are kept and notify the Registered Agent of any change thereto within 14 days.

In addition, it shall be the duty of the Registered Agent to obtain accounting records from wherever they are kept and provide these to the competent authority in Belize upon request within the time specified in such request.

The Act is applicable, amongst others, to the Belize International Business Company (IBC) and to the Belize International Trust.

In the Act, "accounting records" include financial statements, general and subsidiary ledgers, sales slips, contracts and invoices and records and documentation relating to:

  • An entity’s assets and liabilities.
  • All sums of money received and expended and the matters in respect of which the receipt and expenditure takes place.
  • All sales and purchases.
  • All financial transactions.

Furthermore, all accounting records shall be maintained and retained for a period of not less than 5 years following the closure of an account, or the end of a transaction, or the termination of a business relationship, whether such relationship is a one-off, regular or habitual relationship.

0 (0)
Article Rating (0 Votes)
Rate this article
  • Icon PDFExport to PDF
  • Icon MS-WordExport to MS Word
Attachments Attachments
There are no attachments for this article.
Comments Comments
There are no comments for this article. Be the first to post a comment.
Related Articles RSS Feed
What is the common currency in Belize?
Viewed 13584 times since Wed, Dec 20, 2006
Belize Fast Facts - FAQ
Viewed 4329 times since Mon, Aug 25, 2014
Do you have a list of Belize Jungle Lodges?
Viewed 10220 times since Sat, Sep 10, 2011
What are the Basic Expenses in Belize Retirement?
Viewed 2803 times since Fri, Nov 29, 2013
Doing business or investing in Belize
Viewed 2031 times since Wed, Feb 5, 2014
What is the amount of Belize’s total national debt?
Viewed 4493 times since Fri, Oct 28, 2011
Are there any business groups / associations in San Pedro. Also do any affiliations such as Rotary , Kiwanis or Lions meet on the island.
Viewed 601 times since Fri, Sep 18, 2015
Belize Money
Viewed 5111 times since Tue, May 29, 2012
Is there a cleaning service on the island?
Viewed 2724 times since Thu, May 26, 2011
What’s the best way to get cash on AC if you run out?
Viewed 11084 times since Wed, Apr 1, 2009