Did you know that BELTRAIDE administers an Auto Policy under the Fiscal Incentives Program of the Government of Belize?
The Government believes that it is important to establish and maintain high standards and quality service in the auto industry. Therefore, BELTRAIDE, with extensive consultation with the auto rental industry and key government stakeholders, has developed an Auto Policy at the urging of the Government of Belize.
The following outlines the definitions of vehicles under which concession holders may apply under the Fiscal Incentives Program
Definition of Vehicles:
Vehicles are defined as watercrafts, trucks, ATVs, golf carts, bicycles, scooters, motorcycles, and any other mechanical means of transportation.
Policy stipulates that :
All Vehicles acquired under the Programme must not be more than five (5) years, from the date of manufacture.
All Vehicles acquired under the Programme must pay relevant customs duties on the fifth year of the manufactured date. The custom duties will be payable directly to the Customs Department, and will be calculated at the current value of the vehicle at the time duties are payable.
Which Vehicles are allowed under the Fiscal Incentives Program?
Transport Vehicles are allowed.
Transport Vehicles are vehicles used for the transportation of goods/products by the business and as it relates to the tourism industry, the transportation of guests. Such vehicles include delivery trucks, tankers, pick-up trucks, and vans. SUV’s are reserved solely for the Auto Rental Industry.
Utility Vehicles are allowed.
Utility vehicle are vehicles used for a specific business task without which, the company would not be able to operate.
Which Vehicles are NOT allowed under the Fiscal Incentives Program?
Management Vehicles are NOT allowed:
Management Vehicles are vehicles used soley for employees in managerial posts e.g. SUV’s and are therefore not allowed.
Salvaged Vehicles are NOT allowed.
Vehicles bearing titles “for scrap/metal parts use only”, “salvage”, “non-repairable”, “junk”, or any title of equivalent terminology which implies that the vehicle has been damaged or is beyond the repairable value or is written off as a total loss by the insurer whether by damage or theft.
In next week’s issue we will cover Watercrafts/Boats and Aircrafts and also the conditions under which Cabinet may approve your Fiscal Incentives.
For more information, please contact BELTRAIDE at 822-3737/0175 or email email@example.com.