Income and Business Tax Amendment Bill Passed

Mark Lizarraga

Like the Income and Business Tax Amendment Bill, it was necessary for the International Business Companies Amendment Bill to be passed before the year ends. That bill seeks to eliminate ring-fencing by extending the regime to Belizean residents and removing the restrictions from international business companies to carry on business with Belizean residents. It also needed passage for Belize to be compliant with international regulations and avoid being blacklisted.

Mark Lizarraga, Senator for the Business Community
“I think that many in the industry feel that the bill confirms with the pressures that were being put on us and that those foreign powers, so to speak, using their words are not with us yet; that they will be coming back. And there is the general feeling that there is a lot of hypocrisy from these foreign powers because they have not themselves addressed many of the core problems in their own jurisdiction.”