Belize annual tax return filing procedure
Three main steps for filing an annual Business Tax Return in Belize include:
Apply for a Tax Identification Number (TIN) from the Registry. The purpose of this action is for tax authorities to effectively manage the status of the IBC. Normally, it takes about 7 working days to obtain an approved TIN.
Fill out the IBC Annual Business Tax Form (BTS290) for annual tax return submission. The form consists of 5 parts:
- Part 1 – Taxpayer information: You must provide all requested information such as your TIN, company address, filing date, and so on.
- Part 2 – Tax declaration & computation: You need to declare the annual revenue amount of your business. The form will automatically input the equivalent tax amount based on the applicable tax rates.
- Part 3 – Declaration: This part is to certify the completeness and accuracy of your business tax return filing. You have to confirm your name, and position in the company, and further sign and date the form.
- Part 4 – Tax paid on income from foreign sources: You need to provide a summary of revenue amount, revenue type, and taxes paid in a foreign jurisdiction.
- Part 5 – Annual net gain computation: You will compute the net annual gain using the given formula in the form.
BTS290 sample form
Reminder: Tax payment must be made, and audited financial statements in compliance with IFRS on certain companies can be required to submit along with the form. The companies that are required to submit audited financial statements are:
1. IBCs with receipts of $6,000,000 minimum (U.S dollars); or
2. Any other companies that meet at least two of the criteria below:
- Companies listed on an approved stock exchange;
- Companies regulated by the IFSC;
- Companies undergoing a restructuring process or proposing to sell all of their assets through an auction;
- Companies that are subjected to preparing consolidated financial statements.
Submit all required documents and proofs to your registered agent via email.
Deadline for first annual tax return
Belize Tax Service Department announced in its latest notice the dates for filing the yearly tax returns of IBCs under grandfathered period and non-exempt IBCs. Accordingly, Belize companies incorporated before 17 October 2017 have no obligation to file their annual returns for the tax period in 2020.
The subject groups below share the same filing deadline of 31 March 2022:
- Grandfathered-in IBCs, incorporated before 17 Oct 2017, with the tax period from Jul to Dec 2021
- Non-exempt IBCs with the 2020 or 2021 basis year tax period
Belize companies will be required to file business tax returns once annually. The annual tax filing deadline is 31 March, unless otherwise approved by the Director General of Belize Tax Service.
Please note that from the tax period ending 31 March 2023, and thereafter, taxpayers will be required to file electronic tax returns with the Belize Tax Service Department (BTSD).
Returns and payments will only be accepted online through the Integrated Revenue Information System (IRIS Belize).
Should you have any questions regarding Belize annual tax return or need further assistance in filing one, feel free to send us your query to firstname.lastname@example.org.
Disclaimer: While BBCIncorp strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact BBCIncorp’s customer services for advice on your specific cases.
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