Charitable Tax-deduction for Employees and Business
The Employee Income Tax is a tax that must be filled by all persons receiving an income.
Below is information related to earning brackets:
- Persons earning below $26,000 personal relief is $25,600
- Persons earning between $26,000.01 and $27,000 personal relief is $24,600
- Persons earning between $27,000.01 and $29,000 personal relief is $22,600
- For persons earning $29,000.01 and over, personal relief is $19,600
The rate for Employee Income Tax is 25% of the Chargeable Income.
Under Charitable Relief one can claim for Cultural
***If applying for a refund for the first time, a copy of a valid Social Security Card is required along with the Vendor Form.
When applying for Charitable Donations/Relief, original receipts or a letter from The Belize Arts Foundation must be attached. The minimum amount one can claim is two hundred and fifty dollars ($250.00)and the maximum is one-sixth (1/6) of your chargeable income.
Businesses, companies, and self-employed persons are liable to pay business tax. These rates vary according to business classification:
- Receipts from radio, on-air television, the newspaper business, domestic airline business, and service stations (Sale of Fuel and Lubricants); at 1.75%
- Receipts of entities licensed to provide telecommunication services that offer real-time voice services; 19%
- Receipts from “Other Trade & Business” (items not otherwise specifically mentioned in the Act); at 1.75%
- Rents, royalties, premiums, and other receipts from real property; at 3%
- Income from profession, vocations or occupation; at 6%
- Earnings of an insurance company; at 1.75%
- Receipts of institutions licensed under the Banks and Financial Institutions Act; at 15%
- Financial Institutions within a PIC group now pay 8% on their receipts, which previously were taxable at 4%
- Gross earnings from gaming establishments and casinos taxable at 15%
- Real Estate agents are taxable at 15% on their gross commissions
- Receipts of entities providing electricity services; at 6.5%
Deductions
- Charitable contributions of a minimum of $500.00 and up to $30,000.00 per year
The Business Tax Return and any taxes due must be filed by the 15th day of each month, covering all receipts for the previous month.
