Exemptions from taxes on profits and dividends

(1) Notwithstanding anything contained in any other law– (a) no income tax or any other direct or indirect tax or impost, shall be levied in Belize upon the profits or gains of a licensee, or upon any interest or dividends earned by a licensee in respect of the international banking business he carries on from within Belize; (b) no income tax or any other direct or indirect tax or impost shall be levied or collected in Belize in respect of any dividends, interest or other returns from any shares, securities, deposits or other borrowings of a licensee or any assets or property managed by the licensee if the dividends, interest or other returns are in respect of shares, securities, deposits or borrowings or assets or property beneficially owned by a person who is not a resident of Belize. 51 (2) For the purpose of sub-section (1)(b), the onus of establishing ownership to the satisfaction of the Central Bank shall be on the licensee.