Notice to Belize Reporting Financial Institutions
This notice is issued in respect to the Automatic Exchange of Financial Account Information where pursuant to Section 14 of the Mutual Administrative Assistance in Tax Matter Act, 2017 – a reporting financial institution that has reporting obligations shall notify the competent authority of that fact.
This obligation is fulfilled by your enrolment to the Designated Competent Authority’s electronic reporting software available at the AEOI Portal link on the Income Tax Department’s website or at https://aeoiportal.itx.gov.bz/. Enrolment requirements as stipulated by Section 5 (1) of the Automatic Exchange of Financial Account Information Regulations, 2017 are:
a) the name of the reporting financial institution;
b) the categorisation of the reporting financial institution as determined in accordance with the Standard;
c) the full name, address, designation and contact details of the individual authorised by the reporting financial institution to be the reporting financial institution’s principal point of contact for all purposes of compliance with Part III of the Act and the Standard;
d) digital copy (.jpeg or pdf) of primary contact’s social security card or passport and digital copy of authorization letter signed by a director or manager of the F.I
Further, in accordance with Section 11 (4) of the Act, annual reporting deadline is 31st March. You are encouraged to familiarize yourself with relevant AEoI literature at the links below, which includes:
Your AEoI contacts at the Department are:
Request for Expressions of Interest – Integrated Tax Administration System [ITAS] – Government of Belize
The Government of Belize [GoB] is considering the acquisition of a Commercial off the Shelf [COTS] Integrated Tax Administration System [ITAS] to support the Belize Tax Services [BTS] A single domestic tax department will be created concurrently to assume the operations of the existing Income Tax [IT]and General Sales Tax [GST] departments. The current operating environment is heavily paper-based, even with the presence of an Information System [IS] and the data quality and accuracy are very low. The two current tax departments share the same tax IT system which is SIGTAS.
Income Tax was enacted in Belize in 1924 and remained in that basic form up to July 1998, when Business Tax was introduced. The Legislation is now called “The Income And Business Tax Act”, with an effective date of January 1999 in its current form. The Act is divided into three parts with Income Tax under Part 1, Income Tax on Profits arising from Petroleum under Part 11 and Business Tax under Part 111.
To be a progressive organization in the delivery of service for effective governing of Belize.
To fairly assess and collect taxes on a timely basis in the most efficient and cost effective manner, to promote voluntary compliance through taxpayer education and to provide technical support to the Ministry of Finance.