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Removal from tax haven blacklist does not solve all issues – P.U.P.

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Posted: Saturday, November 9, 2019. 2:07 pm CST.

By Aaron Humes: The third time may be the charm for Belize being restored to a cooperative jurisdiction by the Economic and Financial Affairs Council of the European Union (EU) on the matter of tax regimes for international business companies, but there are still issues to be resolved, according to Opposition Leader John Briceño.

The supranational bloc’s finance ministers formally removed Belize after being satisfied with the necessary reforms to improve its structures. These included amendments to the International Business Companies Act and related acts as well as a new Economic Substance Act in October.

Briceño told us, “Even this that was passed there are still some sections that need to be corrected. During the debate, I brought it up and the Prime Minister’s point was that he is trying to do everything possible to get Belize off a blacklist and that is why they had to pass it even with the errors. I am happy that it finally got there but there are some few corrections to do with the legislation.”

The Government pledges continuous engagement with E.U. officials and the international business and financial services to ensure additional technical issues are addressed.

Of the eight jurisdictions still on the list, one is a fellow CARICOM country – Trinidad and Tobago – and three are territories of the United States: American Samoa, Guam, and the U.S. Virgin Islands. The others are Fiji, Oman, Samoa, and Vanuatu.

 

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