Belize Parliament Considers Bill to Amend Income, Business Tax Act

The Belizean National Assembly Oct. 22 accepted for consideration a bill to amend the Income and Business Tax Act. The bill includes measures to: 1) clarify the corporate income tax (CIT) and business tax treatment of Designated Processing Areas (DPAs), and apply CIT to petroleum companies and DPAs at 40 percent and 3 percent, respectively; 2) allow a 20,000 Belizean dollar (US$9,904) basic deduction for employed individuals residing in Belize with total income above 29,000 (US$14,361); 3) provide employed individuals with total income above 29,000 dollars, but not above 32,000 dollars (US$15,853), a 2,250 dollar (US$1,114) tax credit less 75 ...