Taxes for Individuals in Belize
(a.) Rates
Rates for tax year commencing on the first basis day in 1999:
i. The standard rate of twenty-five percent will be charge on the basis of chargeable income of every employed person.[1]
ii. The standard rate of twenty-five percent will be charged on the basis of chargeable income of every person not considered an employed person.[2]
- a. Any business tax paid during the current year will count as a credit towards tax owed on chargeable income.
- b. Any excess business tax paid over the income tax due will be carried forward as a business expense into the following year.
iii. The rate of five percent on gross interest received from time deposits will be charged at source and is final.[3]
iv. The rate of fifteen percent will be charged on lottery winnings at source and is final.[4]
[1] Income and Business Tax Act (Chap. 55), 2000 Revision, § 20.
[2] Id. § 21.
[3] Id. § 20.
[4] Id.
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