Posted: Friday, October 4, 2019. 2:36 pm CST.
By Aaron Humes: Following certain concerns raised by Leader of the Opposition John Briceño, Financial Secretary Joseph Waight and the Director of the International Financial Services Commission, Claude Haylock, have been summoned to answer questions from the Committee of the Whole House before third reading.
Briceño opened debate on the Economic Substance Bill by referring to some of the oversight provisions for IBCs which the Offshore Practitioners’ Association have deemed “onerous”, such as making out returns of income on each case they take on.
Later, he pointed to the amendment to the Income and Business Tax Act which he said could supersede the recently passed Tax Administration and Procedure Act.
Following the Committee meeting, the House passed the amendments, bearing in mind the urgency of getting Belize off the European Union tax haven blacklist.
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