AmbergrisCaye.com Home Forums About Belize Nation GST tax

I've taken a glance at the GST bill...looks like they want to charge 10% GST on new residential homes. This would be in addition to the 15% Property Transfer Tax. Great, another impediment to investment and development in Belize.

This isn't such a big change. Contractors have been supposedly charging 9% sales tax on each contract.

The difference is, it looks like the developer now has to charge the house/condo buyer 10% GST.

So from 9% to 10%...

Sales tax is not payable on real estate sales, only on the commission.

If a developer takes a piece of land and builds condos or villas he will have to charge 10% GST to the buyer of each new home. If a speculator buys a beat up old house and completely re-models it he will have to charge the new GST if he sells it right away. If a hotel owner decides "enough" of tourism and wants to sell he will have to charge 10% GST because it's considered a non-established residential property sale.

Or am I reading the new law wrong? I hope so.

I'm not reading the new law wrong. This is very alarming, at best it'll be an accounting nightmare at worst it'll severely dent any kind of new home development.