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International Business Companies to be exempted from paying stamp duties

The second, shorter, bill tabled was the Stamp Duties (Amendment) Bill which seeks to exempt International Business Companies from paying stamp duties if they do no own property in the country.

Rt.Hon.Dean Barrow, Prime Minister:What it does, the objective of it it’s indeed to be read in conjunction with the IBC amendment bill to which we will come later all this does is to make clear that if an IBC does not have physical presence in Belize, does not own property here stamp duties will not apply to that IBC. I should signal from now what the IBC act is going to do is to allow Belizeans to own IBCs. The people say ‘You can’t have foreigners owning IBCs and Belizeans not owning IBCs that is differentiation.’ so a lot of enterprising Belizeans will own IBCs; they’ll be able to have deals with the international banks, hold foreign currency accounts too so a lot of people will see that aspect of it as a plus. But as I said in this case it’s one page and that’s all it’s designed to do so I don’t feel as bad in asking that this go through all it’s stages.”