Posted: Friday, August 2, 2019. 10:04 am CST.
By BBN Staff: August 1, 2019 marked the historic amalgamation of the Income Tax Department and Department of General Sales Tax into the newly formed Belize Tax Service Department- a department under the Ministry of Finance. The amalgamation will be done in a phased approach through to 2022. Taxpayers are expected to experience better service from a newly trained cadre of tax professionals, efficiency, productivity and better tax compliance to further develop the country.
In October 2014, the Fiscal Affairs Department (FAD) approved a technical assistance mission to support the Government of Belize’s medium-term action plan to Modernize Tax Administration. The objective of that program was to strengthen institutional reforms in tax administration.
In January 2018, on the request of the Government of Belize, a Caribbean Regional Technical Assistance Center (CARTAC) mission was deployed to assess the current operations and technology systems that support tax administration in Belize and provide guidance and advice to support the decision process to evaluate alternative technology solutions for the Tax Administration’s operations.
The Government of Belize established a Program Office for the Modernization of the Tax Administration of Belize (MTAB) and appointed a Program Manager in October 2018. The main objective of the program is to establish a modern service-oriented Tax Administration, integrated with other government agencies and financial institutions, all businesses and the citizens of Belize.
It will also achieve a redesigned business operation according to the current good practices and standards for tax administrations, deliver services to taxpayers and optimally use its own human resources and knowledgeable staff to manage compliance according to risks utilizing a wide range of internal and third-party data.
The newly formed Belize Tax Service Department will introduce significant changes in the organizational, operational and technology frameworks for administering taxes in Belize.
Advertise with the largest and fastest growing audience in Belize ~ We offer fully customizable and flexible digital marketing packages. Your content is delivered instantly to thousands of users in Belize and abroad! Contact us at [email protected] or call us at 670-6397.
© 2019, BreakingBelizeNews.com. This article is the copyrighted property of Breaking Belize News. Written permission must be obtained before reprint in online or print media. REPRINTING CONTENT WITHOUT PERMISSION AND/OR PAYMENT IS THEFT AND PUNISHABLE BY LAW.