Income Tax Information for Belize
Belize is a tropical country on the upper east coast of Central America, nestled between Mexico, Guatemala and the Caribbean Sea. The country's private banking system and tax laws attract many non-nationals to live and retire in Belize. The personal income tax was first enacted in 1924 and lasted updated in 2008, and it is enforced by the Income Tax Department.
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Income Tax For Nationals
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Belize nationals do not pay taxes on income below BZ$10,000 annually. However, if they generate income above this threshold, a flat 25 percent tax is applied to wages exceeding this amount. The Income Tax Department allows deductions for personal and household medical expenses, which reduces the taxes paid.
Income Tax For Non-Nationals
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For non-nationals, such as foreigners living short-term or retirees, there is a flat 25 percent tax on all income generated by working for Belize employers. However, if you are a contractor, freelancer or own a business where you generate income from a different country, you pay no tax on that income. Non-national pension money is also exempt from the income tax. For these reasons, Belize is considered a tax haven.
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Business Income Tax
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In 1998, the income tax legislation was revised to include business income. The Income and Business Tax Act allows the Income Tax Department to levy and collect tax on the profits of businesses, especially petroleum companies. This is in addition to the taxes levied on goods and services in the country.
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- Photo Credit drapeau du belize image by Charly from Fotolia.com
