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Belize signs International Tax Treaty

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Belize has signed a landmark agreement to strengthen its tax treaties.  Businesses, as well as employees, now have the option of arbitration to resolve double-taxation disputes with at least 85 countries under a multilateral tax treaty of the Organisation for Economic Co-operation and Development (OECD).  Known as the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS), the super-treaty is the first multilateral agreement to amend multiple tax treaties with changes intended to reduce double taxation and also non-taxation through tax evasion or avoidance by multinational enterprises.  Mandatory and binding dispute resolution mechanisms are to be extended to employers and individuals in signatory countries under the treaty. Employers may present double-taxation disputes to applicable authorities through a mutual agreement procedure within three years from the first notification of the action resulting in taxation irrespective of the remedies provided by domestic law.  Belize adoption of the Treaty makes it the 86th jurisdiction to join the Convention, which now covers almost 1,500 bilateral tax treaties.

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