Failure to meet substantial economic presence

(1) If the competent authority determines that an entity has failed to meet the substantial economic presence requirement based on information received pursuant to a report required to be filed under section 10 or an inspection under section 13 or on the basis of a report received from a jurisdiction that the entity commits a violation or an offence or has failed to comply with this Act or a law within that other jurisdiction, the competent authority may take an enforcement measure under this Act or under the International Financial Services Commission Act, but not both, where the violation or offence is created under both laws. CAP. 272. (2) Where a violation or an offence under sub-section (1) has occurred, the competent authority shall notify the appropriate authority of any relevant jurisdiction. (3) An entity referred to under sub-section (1)– (a) may elect to pay its assessed taxation to the jurisdiction and remain on the relevant register in Belize; and (b) is required to produce evidence of compliance with the tax requirements of the relevant jurisdiction. (4) Where an entity is unable to produce evidence of compliance pursuant to sub-section (3)(b), that entity may be liable to be struck off the applicable register of incorporation. 22