For the attention of all the Companies, including International Business Companies (IBC).
On January 24th, 2020, Belize introduced Country-by-Country Reporting by way of the Mutual Administrative Assistance in Tax Matters (Amendment) Act, 2020 (“the 2020 Amendment Act”) and also enacted accompanying Mutual Administrative Assistance in Tax Matters (Automatic Exchange of Country-by-Country Reports) Regulations, 2020 (“the Regulations”) facilitating the Automatic Exchange of Country-By-Country Reports.
As a result of this, Multinational Enterprises (MNE) with consolidated group revenue of US$850 million or more (or its equivalent in any other currency) that have an ultimate parent entity resident in Belize must file a report within twelve months after its tax year ending December 2019 and for every subsequent reporting, within twelve months of the end of the financial year with the Belize Tax Services (BTS).
This report must outline the following information of the Multinational Enterprises Group:
- Revenue, profit, loss before income tax, income tax paid, income tax accrued, share capital, accumulated earnings, number of employees, and tangible assets other than cash or cash equivalents for each jurisdiction in which the MNE Group operates.
- Information identifying each constituent entity of the MNE Group, setting out the group members’ tax residence and location of incorporation.
The Regulations also require constituent entities resident in Belize that are not ultimate parent entities to disclose to the BTS which entity is the reporting entity and the tax residence of that entity.
Companies must and should review the 2020 Amendment Act and Regulations to determine if they fall within the scope of the framework and ensure compliance with the Country-by-Country Reporting Standard. Companies that meet the requirements to file the Country-by Country Report can access the portal via the link: https://aeoiportal.itx.gov.bz/
At OMC Group we stand by ready to assist you. Should you have further inquiries on Country-by-Country Reporting in Belize, kindly contact us at [email protected]