In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on October 29, 2014
The Phase 2 review rates Belize as overall largely compliant with the international standard. Belize’s legal framework generally ensures that ownership, accounting and bank information is available according to the standard. However, the practical implementation of the laws was not sufficiently monitored by the Belizean authorities regarding the availability of ownership information. Belize is recommended to put in place an oversight program to ensure compliance with the obligations to maintain ownership information in respect of all entities. Further, as the accounting record keeping obligations on entities exempt from taxation were recently introduced, Belize should monitor their practical implementation. The report notes that Belize has all the requisite access powers to obtain information and was able to access the information for the EOI requests sent during the review period. Belize’s exchange of information network covers 89 treaty partners and Belize effectively provided information to its EOI partners during the review period. However, the competent authority should be adequately resources and the working procedures put in place for an effective EOI process. Belize should report steps taken to address the recommendations made in the Phase 2 report within12 months.For further information on Belize’s exchange of information practices click here.