Belize imposes taxes on both individuals and corporations. The Belize Tax system is governed by the Income and Business Tax Act, the Revenue Replacement Duty Act, the General Sales Tax Act, the Hotel Tax Act, and the Stamp Duty Act. The tax rates in Belize are relatively low compared to other countries in the region, making it an attractive destination for investment.

Corporate Taxation:

The standard corporate tax rate in Belize is 25% on net income for resident companies, while non-resident companies are subject to a 1.75% tax on gross income. However, there are certain tax exemptions available, and the effective tax rate can be reduced through various tax incentives and exemptions offered by the government. In addition to corporate income tax, there is also a business tax of 1.75% of gross revenues.

Personal Taxation:

Belize has a progressive income tax system, with a top rate of 25% on income over BZD 80,000. The first BZD 12,000 of annual income is exempt from taxation. Residents are taxed on their worldwide income, while non-residents are only taxed on income earned in Belize.

Process and calendar for payments:

Corporate taxpayers are required to file their tax returns within three months of the end of their fiscal year. The fiscal year in Belize runs from January 1st to December 31st. Personal income tax returns are due by March 31st of each year for the previous year's income.

Payments can be made online through the Belize Tax Service Department's website or at any of their offices across the country. Late payment of taxes will result in penalties and interest charges.