Due to stringent anti money laundering and tax reporting requirements, the landscape for international business companies in Belize has changed drastically.
And, after a rigorous appraisal by the The Organization for Economic Co-operation for Development Forum on Harmful Tax Practices at the start of this year, members of the Belize International Financial services Association are adjusting to the new realities.
They brought in an expert from Panama for that purpose. Treasurer Ava Lovell- Belisle told us more:..
Trying to meet the demanding new international standards, in December 2018, Belize's National Assembly adopted the International Business Companies (Amendment) Act, 2018, the Income and Business Tax (Amendment) Act, 2018, and the Stamp Duties (Amendment) Act, 2018 to remove what the OECD called "harmful features" from the local IBC regime.