Chamber sponsors seminar on business tax

The first filing date for the new business tax, which went into effect on July first, falls due on Friday of this week. And while businesses across the country have their calculators working overtime to get their figures straight, the Belize Chamber of Commerce is trying to help in clearing up any remaining confusion. The private sector umbrella organization has organized a half-day seminar in Belize City which will discuss questions the business community may have on filing for the new tax. According to B.C.C.I.’s General Manager, Kevin Herrera, officials of the Income Tax Department will be on hand to answer questions and in some cases to help people fill out their returns.

Kevin Herrera, General Manager, B.C.C.I.

“So we thought that since this is the first filing date, there are many business we think, out there who may still have some questions to ask about how do you go about filing the tax. How do you go about computing the tax as such? So we thought that a workshop in corroboration with the Income Tax Department would have been very useful at this point.”

Q: “Is the seminar just for members of the Chamber of Commerce?”

Kevin Herrera

“No. No, it’s open for everybody. It’s just a way of facilitating people to file their taxes and to help them in the process. Many of the small businesses do not have the accounting capacity in-house to actually, as with larger businesses. So we thought this would be an important and opportune time for them to come and ask their questions and to have people there help them fill out the forms, if necessary.”

The seminar on the new business tax will be held at the Bliss Institute on Thursday afternoon beginning at two o’clock. Most businesses and self employed persons will pay an amount equal to one point five percent of their gross receipts.