Interpretation

In this Act, unless the context otherwise requires“Agreement”, or “MCAA CbC”, means the Multilateral Competent Authorities Agreement on the Exchange of Country- by-Country Reports signed by the Government of Belize on 20th day of June, 2017 and as set out in Schedule 3 in relation to agreements with participating jurisdictions to increase international tax transparency and improve access to information regarding the global allocation of income, taxes paid and indicators of the location or economic activity among tax jurisdiction or MNE group; “Approved Stock Exchange” has the meaning assigned in the International Business Companies Act; “CbC report” means the Country-by-Country report pursuant to section 8E; Mutual Administrative Assistance in Tax Matters [CAP. 103:03 7 “competent authority”, in relation to Belize, means the Financial Secretary in the Ministry of Finance or a person or authority designated by him in accordance with section 5A(1); “Convention” means the Convention on Mutual Administrative Assistance in Tax Matters, signed by Belize on the 29th May 2013, as set out in the Schedule hereto; Schedule. “days” means calendar days; “IFS Practitioner” means any person or entity licensed by the International Financial Services Commission to carry on the business of ‘international financial services’ as that term is defined in section 2 of the International Financial Services Commission Act; CAP.272. CAP. 263. “financial institution” means a bank or financial institution as defined in the Domestic Banks and Financial Institutions Act or the International Banking Act, and includes brokerage firms and insurance companies; CAP. 267. . “Member State” means a State which is a party to the “Minister” means the Minister responsible for finance; “national” in relation to Belize means any individual possessing the citizenship of Belize; “reporting entity” shall have the meaning assigned to it in section 2 of the Money Laundering and Terrorism (Prevention) Act, 2008, as amended; CAP. 104. “service provider” has the meaning assigned to it in the Trust and Company Service Providers (Best Practices) Regulations; and S.I. 37/2007. CAP. 104.. Mutual Administrative Assistance “supervisory authority” shall have the meaning assigned to it in section 2 of the Money Laundering and Terrorism (Prevention) Act, 2008, as amended;