Persons who are earning more than $26,000 per year are charged a flat tax rate of 25%. Those who are employed and reside in Belize and whose total income per annum from all sources is less than $26,000 are exempt from Income Tax.

According to the Income Tax Department, workers who earn between 26,001 and 29,000 are eligible for two intermediary reliefs. The tax policy states those earning between 26,001 and 27,000 are eligible for a relief of 24,600 and those earning between 27,001 and 29,000 are eligible for a relief of 22,600. Those employed and earning over 29,000 get a personal relief of 19,600.

 

Example of income earning over $26,000:
Total Income:
Less Basic Personal Relief:
Chargeable Income:
$27,000
$24,600
$2,400
The $7,400 is taxed at 25%
Less: Standard tax deduction
Tax Payable to GOB
$600
$100
$500

 

Some Facts:

  • The filing date for the Income Tax Return is 31st March, unless otherwise approved by the Commissioner of Income Tax.
  • Penalties: 3% of the balance of the tax due for each month, or part of the month that your return is late, minimum of $10.00.
  • Interest charges: if there is a balance of tax after 31st March, a rate of 1.5% per month is charged until final payment is made.
  • A refund becomes due when the tax payable is less than the tax deducted from income, or if tax was deducted and total income was below the new threshold of $26,000.
  • Other reliefs: Charity (maximum is $250); Education (maximum is $400 per child not your own).

For Further Information Contact:
Income Tax Department
Belize City
Tel: (501) 222-4956/4776/4005
Fax: (501) 222-4029