AEOI/BEPS News

AEOI & BEPS News and Press releases

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.

CRS MANUAL FILING INSTRUCTIONS

CRS Manual Filing
To perform a manual CRS Filing reporting New Data, kindly follow the steps below:
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 Manual Entry 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.

NOTICE FILING OF COUNTRY BY COUNRY REPORTING

The Mutual Administrative Assistance In Tax Matters (Automatic Exchange Of Country-By-Country Reports) Regulation S.I. No. 57 of 2020 Section (“CbC Regulations”) was published in April 18th, 2020 and has thereafter entered into force. The requirement to file CbC Reports forms part of the enhanced transfer pricing documentation set out in BEPS Action 13 report.