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Belize taken off EU list of harmful preferential tax regimes

Belize has officially been removed from the European Union’s list of harmful preferential tax regimes. This is a result of the recent amendments to both the Income and Business Tax Act and the Tax Administrative and Procedure Act.

Belize has officially been removed from the European Union’s list of harmful preferential tax regimes. This is a result of the recent amendments to both the Income and Business Tax Act and the Tax Administrative and Procedure Act. The amendments occurred on December 23 with the ratification by Senate, and were specifically to get rid of the blacklisting placed by the EU back in March 2019. The reason for the blacklisting was that the EU considered Belize to have significant shortfalls in tax laws. The end of the blacklisting comes after a meeting by the Economic and Financial Affairs Council (ECOFIN) that was held today in Brussels, Belgium. ECOFIN deemed Belize to be compliant with all the recent regulatory changes set out by the EU over the last two years. The Ministry of Finance has been working alongside the EU in order to meet these requirements regarding both economic substance and its assessment as harmful preferential tax regime. According to GOB, moving forward, they will continue to engage with the international business and financial services sector to continue to provide services that benefit both Belize and the global economy. The Prime Minister has welcomed the positive step taken by the EU, stating that it demonstrated the international community’s recognition of Belize’s commitment to help in establishing a modern international tax framework. The ECONFIN Council is made up of the economics and finance ministers from all member states and is responsible for economic policy, taxation issues, and the regulation of financial services.