Belize: Domestic Corporate Taxation
Filing Requirements and Payment of Tax
All companies must file a company's income tax return, together with their financial statements within three 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 is a levy of 10% 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 24 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 instalment as well as to any other amount. In the case of instalments 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, whichever 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 instalments. Instalments are due no later than the last day of the 3rd, 6th, 9th, and 12th months of the company's financial period.
If a company wishes to employ foreign consultants, 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 such non-residents.
For additional information contact:
Income Tax Department
Phone: (501) 2-24776, 24005, 24956
Fax: (501) 2-24029