In accordance with the Exchange Control Regulations, 2003, the Central Bank of Belize must approve financial transactions concerning dealings in gold and foreign currency, as well as financial transactions between residents and non-residents involving exports and imports; the purchase, sale, and transfer of property and securities; and the borrowing and lending of funds.
Please visit the Central Bank’s website for more information on the procedure for this. Click here for more info…
Online applications should be made using Central Bank’s online service Only.
2013 Debt Restructuring
The Supervisor of Insurance is tasked with the administration of the Insurance Act, Act No. 11 of 2004 and the Insurance Regulations and the Motor Vehicle Insurance (Third Party Risks) Act, Chapter 231 of the Laws of Belize.
The primary responsibility of the Supervisor of Insurance is supervision of the insurance industry. Supervision entails the annual licensing of insurance companies, association of underwriters and insurance intermediaries. The Supervisor of Insurance conducts both on-site and off-site supervision of all licencees and also receives complaints from the general public on the conduct of insurance licencees.
Insurance Application Forms
The Ministry of Finance has three departments tasked with collecting revenue on behalf of the Government of Belize.
The Customs Department is responsible for:
- Assessment and Collection of Customs Revenue on commodities imported and exported out of the country.
- Interpretation and application of local and external tariffs and customs conventions.
- Customs preventive work.
- Supervision of bonded warehouses and other customs areas.
- Institution and formulation of tax policies under Customs and Excise Laws and any other relevant legislation.
- Supervision of distilleries and breweries.
- Certifying authority for exports of manufactured and wholly produced goods to the CARICOM, E.E.C and U.S.A. under the respective international trade conventions.
- Boarding and clearing of vessels entering and departing our waters.
- Agency duties for other Ministries e.g. import/export restrictions.
The Department maintains district (Border stations) at Santa Elena(Corozal), Benque Viejo, Punta Gorda, Blue Creek and Big Creek.
General Sales Tax
The General Sales Tax Unit is responsible for:
- The registration of Traders under the Sales Tax Act #13 of 1999.
- The processing of monthly returns submitted by registered tenders.
- The monitoring of the activities to traders to ensure compliance with the various provisions of the Sales Tax Act,
The Unit is headed by a Commissioner of General Sales Tax who supervises the staff of this Unit in Belize City, with branch offices in San Ignacio, Corozal, and Dangriga.
The functions of the Income Tax Department are as follows:
- General Administration of the Income and Business Tax Act – Chapter 55.
- Preparation of pay invoices and maintenance of payrolls.
- Collection of revenue from taxpayers who are liable to pay tax.
- Issuance of refunds to tax payers who are due to be refunded for overpaid taxes.
- Field Audit to enforce filing and payment of taxes.