Ministry of Health clarifies rumored case of COVID-19 in Dangriga
February 18, 2020
Saldivar says he’s “Waiting for my party to decide way forward”
February 18, 2020

Belize is removed from the EU List of Harmful Preferential Tax Regimes

  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Posted: Tuesday, February 18, 2020. 5:47 pm CST.

By BBN Staff: The Economic and Financial Affairs Council (ECOFIN) of the European Union released the results of its recently concluded meeting held in Brussels on February 18th, 2020.

The Government of Belize has been informed that the recent amendments to both the Income and Business Tax Act and Tax Administrative and Procedure Act on December 23rd have been positively assessed and the ECOFIN Council has agreed to remove Belize from the EU list of harmful preferential tax regimes (Annex II).

The Government says that this is a significant outcome as Belize is now deemed to be compliant with all the recent regulatory changes set out by the EU over the last two years. For many months the Ministry of Finance has been working closely with the European Union to meet its requirements regarding both economic substance and its assessment as a harmful preferential tax regime. Belize was not alone in facing these challenges.

Moving forward, the Government of Belize will continue to engage with the international business and financial services sector to reaffirm the jurisdiction’s dedication to providing services that benefit both Belize and the global economy.

On receiving the news of the ECOFIN action, Prime Minister Dean Barrow welcomed the positive step taken by the EU. He said that it demonstrated the international community’s recognition of Belize’s commitment to helping in establishing a modern international tax framework under which profits are taxed where economic activity and value creation occur.

The ECOFIN Council is made up of the economics and finance ministers from all member states and is responsible for economic policy, taxation issues and the regulation of financial services.

 

Аdvеrtіѕе wіth thе most visited news site in Веlіzе ~ Wе оffеr fullу сuѕtоmіzаblе аnd flехіblе dіgіtаl mаrkеtіng расkаgеѕ. Yоur соntеnt іѕ dеlіvеrеd іnѕtаntlу tо thоuѕаndѕ оf uѕеrѕ іn Веlіzе аnd аbrоаd! Соntасt uѕ аt [email protected] оr саll uѕ аt 501-601-0315.

 

© 2020, 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.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *