Exemptions from taxes, duties and regulations

(2) The Customs Department shall defer inspection of any imports consigned to a Designated Area until such imports reach the Designated Area. All such imports shall be transferred from the port of entry and upon arrival at the Designated Area shall be inspected by the Customs Department to ensure that no prohibited articles, items or material are included among them and to verify that they correspond with the related shipping documentation. (3) The Customs Department shall inspect all exports of an Aquaculture Exporting Business at the Designated Area where the business is carried on to ensure that no prohibited articles, items or material are included among the items exported and to verify that they correspond with the related shipping documentation. 40.-(1) Notwithstanding anything to the contrary in any tax laws in force in Belize and any regulations made under the said laws, or in any other law, regulation, rule, order, ordinance or instrument having effect as part of the laws of Belize whether now or hereinafter in force, the following provisions shall apply to the holder of an Export Business Certificate, or other relevant certificate, and the aquaculture facility in which his operations are conducted so long as his Export Business Certificate, or other relevant certificate, shall remain in force and effect; and the holder of such Certificate and his aquaculture exporting business shall, subject to section 41, be exempt from all taxes, duties and imposts levied or imposed under any tax laws in force in Belize, and any regulations made under the said laws, or in any other law, regulation, rule, order, ordinance or instrument having effect as part of the laws of Belize, whether now or hereinafter in force, and from any withholding tax, sales tax, capital gains tax or any new corporate tax, including taxes on dividends, for a period of fifteen years, with the right to review after the expiration of this period. (2) All imports of an aquaculture exporting business into the Designated Area described in the Certificate and which are to be used in the production of aquaculture products and the Aquaculture Development [CAP. 204:01 41 conduct of the aquaculture exporting business and for their exclusive use, including capital equipment, service and utility vehicles, office furniture, spare parts, raw materials, intermediate goods and supplies and fuel used exclusively for the aquaculture exporting business (but not for re-sale) shall, subject to section 41, be exempt from all customs duties, excise taxes, trade turnover taxes, consumption, foreign exchange and other taxes, and shall be exempt from all regulations which impose tariffs, quotas, import prohibitions or licensing requirements, other than those which regulate or prohibit the importation of firearms, military equipment or material or illegal drugs. (3) All exports of an aquaculture exporting business out of its Designated Area shall, subject to section 41, be exempt from all customs duties, tonnage taxes, value-added taxes, consumption taxes, sales taxes, excise taxes, trade turnover taxes, foreign exchange or other taxes, and no regulatory restrictions shall apply to such exports, whether in the nature of quotas, licences or prohibitions (other than restrictions and prohibitions relating to the maintenance of quality standards and the export of firearms, military equipment or material and illegal drugs). (4) If an aquaculture exporting business incurs net losses during the Currency of its Export Business Certificate, or other relevant certificate, such losses may be carried forward for tax purposes and be deducted from profits in the years following the expiration of the Certificate. (5) Any proceeds from the sale of the shares or other partial or complete ownership interest in an aquaculture exporting business shall be exempt from capital gains tax. (6) All real properly within a Designated Area shall be exempt from the taxes imposed by the Land Tax Act and the Town Property Evaluation Act, and the sale or transfer of any land within a Designated Area shall be exempt from the duties imposed by the Stamp Duties Act. 42 (7) No licence or permit shall be required in order to conduct an aquaculture exporting business, except an aquaculture operating licence granted by the Authority under section 35 of this Act and an Export Business Certificate, or other relevant certificate, issued under section 37 and work permits as required under this section, and the Trade Licensing Act shall not apply to an aquaculture exporting business. (8) No price controls shall apply to the products sold by an aquaculture exporting business and the Supplies (Control) Act shall not apply to such business.