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.

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.

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