Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694879425354.pdf (Belize)
Resolution Authorizing the Adjustment on the Rates of Business Tax on Net Interest Income Motion, 2022.
WHEREAS, section 107 (1) of the Income and Business Tax Act prescribes, in the Ninth Schedule to that Act, the rates of tax that are to be levied on receipts; AND WHEREAS, pursuant to sub-section (2) of the said section, the National Assembly may at any time by resolution amend the Ninth Schedule; AND WHEREAS, the Government of Belize wishes to adjust business tax on the net interest income charged to banks and financial institutions with a view to incentivizing lending in strategic foreign exchange earning sectors including tourism, agriculture and BPO sectors; AND WHEREAS, the proposed net interest income tax charges desired to be implemented on April 1, 2022, are as seen in the attached Annex; NOW, THEREFORE, BE IT RESOLVED that, in the urgent context of incentivizing increased bank lending, the National Assembly approves that the Government adjust the rates of tax on receipts prescribed in the Ninth Schedule as proposed in the attached Annex.
ANNEX Sector Current Rate New Rate Foreign Exchange Earning Sectors including Tourism, Agriculture & Business Process Outsourcing Real Estate, Building & Construction & Manufacturing Personal Loans Distribution Other 15% 12% 15% 15% 15% 15% 15% 18% 17% 16%