One of the main benefits for the investors utilizing the Fiscal Incentives Program is the duty exemption. To be able to provide this service, BELTRAIDE needs to work hand in hand with the Belize Customs and Excise Department. BELTRAIDE will commence training in early December 2012 to transition into using the ASYCUDA WORLD (Automated SYstems for CUstoms DAta); which is leading media software that Integrates Customs Information Systems in more than 80 countries.
ASYCUDA began with an UNCTAD initiative to reduce transaction costs throughout the trade transaction chain, with potential cost savings per annum of $100 billion worldwide. It will be used to generate statistical economic analysis, manifests and customs declarations, accounting procedures, and transit and suspense procedures.
Belize has proudly implemented the software at Punta Gorda and Big Creek since June and August 2010 respectively, Phillip Goldson International Airport since May 2011, Belize City in September 2011, Benque Viejo Customs Station since July 2012 and Santa Elena Customs Stations since August 2012.
BELTRAIDE will be providing Electronic Data Interchange (EDI) between Concession Holders and Customs. Once the due diligence of the Fiscal Incentive request is done, the System will automatically authorize or be flagged by a BELTRAIDE authorized personnel. This should then speed up the process in getting your goods assessed by Customs within 1-3 business days given that all requirements are met. Overall, this system will facilitate control of the import and exports in our country, Belize.
BELTRAIDE only accepts invoices for the processing of duty exemption request during this transition period. Thereafter, invoices will need to be submitted by your customs broker who will then upload it to the ASYCUDA system for BELTRAIDE’s personnel to conduct due diligence and approve online.