Business Friendly Tax Regime
- Payable at a rate of 25% on taxable income for all employed residents in Belize earning over BZ $26,000 (US$13,000) per annum.
- Businesses, companies and self-employed persons earning in excess of BZ $54,000 per annum must pay business tax.
- Rate varies according to business classification.
- Paid monthly to the Income Tax Department.
||Rate of Business Tax
|Trade or Business
|Commissions and Royalties
||5.0% & 15.0%
|Radio, On-air TV, and Newspaper Revenue
|Domestic Airline Revenue
|Insurance Institutions General Revenue
|Casino and Gaming Revenue
|Real Estate Business
|Tour Operators & Travel Agents
General Sales Tax (GST) Read the rest of this entry »
It is evident that in recent years, Belize has seen the advent of the business process outsourcing (BPO) industry with the boom of contact centers providing services to various offshore companies. The first center opened its doors in 2005 and today, there are 14 active BPO’s in Belize offering both outbound sales and inbound customer service. Though the interest in Belize’s BPO industry continues to be strong, there is a shifting focus where multinational companies seek to outsource their I.T. services in Latin America and the Caribbean in order to tap into lower costing near shore markets due to rising costs in Asia, while also leveraging a new talent pool of ICT innovation.
The worldwide I.T. outsourcing (ITO) market is forecast to reach $288 billion in 2013, a 2.8% increase in U.S. dollars from 2012 according to Gartner, Inc. Statistics also show that ITO markets in emerging Asia/Pacific, Latin America and Greater China will all grow more than 13% in 2014 with the expansion of multinational buyers into these regions. So where does this leave Belize amidst this growth in the global ITO industry?
According to a recent study, the University of Belize has churned up to 105 graduates in I.T. with 56 earning a Bachelor’s degree and 49 earning an Associate’s between 2010 and 2013. During this same period, the Junior Colleges in Belize that offer an I.T. Associate degree program have produced 185 graduates in I.T. with Galen University recently introducing its program being scheduled to graduate 18 in 2014. This means that in four (4) years, we have produced close to 308 programmers in Belize’s I.T. talent pool; however, there are two major problems that are at hand.
First, though many students are graduating with degrees in I.T., only a few work in the field after they graduate due to a lack of professional I.T. careers or job opportunities in Belize. The few that are available, fill up by the brightest, leaving the others to either become freelance entrepreneurs, or to work in a field completely unrelated to I.T. Secondly, because of this, the interest of I.T. and students majoring in it have fallen due to fears of not being able to obtain work in the market after graduation. The study shows that total tertiary I.T. graduates in 2011 fell from 85 to 75 in 2012. So how can we leverage this available talent pool in Belize. Read the rest of this entry »
|Written by Shane D. Williams
|Thursday, 28 November 2013 00:00
Dr. Adrian Coye, Director of Medical Services at the Karl Heusner Memorial Hospital, guided a special tour of the hospital on Wednesday, November 27th. Two Directors of Nueterra Global Alliance are in the country meeting with health practitioners, policy makers and institution executives. After a meeting with KHMH Executives on Wednesday afternoon, the Nueterra representatives toured the facility along with Hon. Pablo Marin, Minister of Health.
Nueterra is a global leader in developing joint equity partnerships with health systems, governments, hospitals and physicians. Many healthcare investors are interested in taking advantage of medical tourism opportunities now available in Belize and since the Karl Heusner Memorial Hospital is the institution with the most material and human resources it is ideal for joint equity partnerships. Nueterra says its vision is “to create a truly borderless world of care – connecting patients, physicians, educators and investors from all over the globe.”
Minister Marin says any organization that is going to improve the healthcare system of Belize is welcome. He says medical tourism should improve the infrastructure of our institutions, skills of our medical practitioners and overall healthcare system. The representatives of Nueterra were extremely impressed with the hospital management’s plans for expansion (space and services). Paola Reyes, Regional Sales Director, says, “There are great opportunities for partnership at this institution.”
The two parties plan to keep in touch.
On November 25, 2013 the Small Business Development Centre (SBDCBelize), celebrated its one year anniversary in a grandeur manner. In truth, Micro, Small and Medium enterprises (or MSMEs, as they are commonly known) play a fundamental role in the economic and social development through income and employment generation for a wide cross section of the Belizean population.
Remarkably, SBDCBelize is the first of its type to grace the CARICOM region. On October 31st, 2012, magically and wearisomely in less than a month the organization was birthed. The Government of Belize was integral in supporting the organization alongside invaluable stakeholders such as the Organization of American States, US Misson to the OAS, University of Texas at San Antonio, the Development Finance Corporation, the University of Belize, La Immaculada Credit Union, and with the helpful assistance of Ms. Julianne Buynak PeaceCorp volunteer and Ms. Diana Hernandez, Export Development Officer at BELTRAIDE. The event further reiterated BELTRAIDE’s commitment in ensuring SBDCBelize remains the counsellor/ advisor for aspiring entrepreneurs and that their success will only intensify as they venture in the promising future.
For more pictures of this event, click on link below:
The Belize Trade and Investment Development Service (BELTRAIDE) in collaboration with the Regional Center for Promotion of Micro and Small Enterprises (CENPROMYPE), with the support of the Government of Taiwan and Colombia, presented awards to the recipients of the Integral Development Program of Entrepreneurship in Central America and Dominican Republic ,on Tuesday November 26, 2013, at the Belize Biltmore Plaza.
This event takes place in the framework of the implementation of the project “Integral Development Program of Entrepreneurship in Central America and Dominican Republic”, which is facilitated by CENPROMYPE in coordination with BELTRAIDE. The purpose of the project was to promote and strengthen entrepreneurship in the region with the aim of establishing, developing, and strengthening MSME’s in the entire country of Belize.
The project has four components, including:
• Building awareness and support to national policies for entrepreneurship and design of a regional strategy;
• Providing grant funding for qualified MSME’s;
• Establishing a network, to link MSMEs in Central America and the
Dominican Republic, and increase value added products/ services;
• Engaging in knowledge management and capacity building of MSME’s.