AEOI/BEPS News

AEOI & BEPS News and Press releases

NOTICE TO ALL COMPANIES FORMALLY KNOWN AS IBCS REQUIREMENT TO FILE ANNUAL RETURN​

The Belize Tax Service Department (BTSD) reminds companies formally known as International Business Companies (IBCs) of their obligation to file annual Business Tax returns.
Please note that returns for the 2024 basis year were due on March 31st, 2025. Companies are further reminded of the new late filing penalties that came into effect on January 1st, 2025. To avoid these penalties, you must file 2024 annual returns by 31st December 2025.

NOTICE TO FINANCIAL INSTITUTIONS SELF-CERTIFICATION

The Director General wishes to inform all Financial Institutions (FIs) that valid self-certification must be collected when updating pre-existing accounts and upon opening of all new accounts. If a valid TIN cannot be obtained or verified at account opening the FI must make reasonable efforts to obtain the missing information (e.g. contacting the account holder). The TIN must align with the residence address held on record. If there are any inconsistencies between the TIN and other account-holder data, the FI must take reasonable steps to obtain a valid TIN or provide an explanation with supporting documents.

NOTICE TO PERSONS MAKING WIRE TRANSFER

The Director General wishes to inform all persons wiring transfers to the Department that the National Bank of Belize applies a service charge of BZD $50.00 to all incoming wire transfers.

FAQs CRS AEOI Portal

1.
What is CRS and what is the importance of CRS in AEOI?
The Common Reporting Standard (CRS) was developed by the Organization for Economic Co-operation and Development (OECD) in response to requests made by the G20. It is the global standard for the automatic exchange of financial account information for tax purposes. In other words, CRS is the gathering and reporting of financial information by financial institutions in participating countries, to help combat tax evasion and protect the integrity of tax systems in the various jurisdictions.
2.
Who is considered to be an FI?
In CRS, financial institution does not just mean banks. An FI could be a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company.
3.
Who should be registered for CRS?
You are required to be registered for CRS if you are consider to be a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company.

Belize CRS Guidance Notes

This Guidance Note is issued to assist Reporting Financial Institutions in understanding their
obligations, to increase compliance, educate, enhance efficiency, and reduce errors in reporting.
The OECD has developed extensive and comprehensive materials for the consistent application
and interpretation of the CRS by all jurisdictions. This Guidance Note is specific to Belize and is not
intended to replace the CRS Standards and implementation guidelines as referenced to below.
Financial Institutions may seek additional professional advice as it relates to CRS. Future
amendments to the legislation may be included in this note periodically.

NOTICE OF FILING OF CBC REPORTING

Regulation 5(3) of the CbC Regulations provides that Multinational
Enterprises (MNEs), not being the Ultimate Parent Entity, shall comply
with local filing obligation by filing CbC reports to the Belize Tax Service
Department, under the circumstances stated therein.

BELIZE EXCHANGE PARTNERS

Below is a list of reportable jurisdictions with whom information is exchanged for tax purposes in accordance with the Common Reporting Standard (CRS) and the Country-by-Country Reporting (CbCR). The list of exchange partners is subject to revision, and this notice will be updated when the need arises to reflect any such changes.

CRS XML UPLOAD FILING

CRS XML Upload Filing
To perform a CRS XML Upload Filing reporting New Data, kindly follow the steps below:
Note: Our CRS portal will accept files which are CRS XML Schema 2.0 compliant only. For CRS XML Schema 2.0 and CRS User Guide visit https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/schema-and-user-guide/. Also, ensure your XML files are under 30MB in size.
1. Select Filings from the main Menu to access the Manage Filings page.
2. Click the Create Filing button. Enter Filing Name of your choice. Select CRS XML Upload Filing filing type. Enter applicable Period End Date (31 December of relevant filing year). Click the Create button.
3. Select filing name created at the screen that pops up. Your filing will also be available in the draft filings section of the Filings menu.

CRS NIL REPORT AND FILING INSTRUCTIONS

CRS Filings Summary/Nil Report
These instructions are provided for financial institutions to submit a Nil report or CRS Filing Summary after reporting is complete.
1. Select Filings from the main Menu to access the Manage Filings page.
2. Click the Create Filing button. Enter Filing Name of your choice. Select CRS Filing Summary filing type. Enter applicable Period End Date (31 December of relevant filing year). Click the Create button.
3. Select filing created at the screen that pops up next. Filing will also be available in the Draft Filings section of the Filings menu.