Application

(1) This Act, except so far as the contrary intention appears– (a) extends to acts, omissions, matters and things done, to be done, or omitted to be done in or from, within Belize; (b) applies to all persons irrespective of nationality or citizenship if such person is a beneficial owner of a commercial entity to which this Act applies; (c) subject to sub-section (2), applies to commercial entities and regulated entities. Economic Substance [CAP. 273:01 11 (2) This Act shall not apply to a commercial entity that is controlled and managed outside of Belize and is tax resident in a jurisdiction other than Belize. (3) A commercial entity may be considered tax resident in a jurisdiction other than Belize if the commercial entity is able to provide the competent authority with a letter or certificate– (a) from or issued by the tax authority of its jurisdiction of residence, stating that the commercial entity is considered to be resident for tax purposes in that jurisdiction; (b) showing a clear and specific period of validity; and (c) showing an assessment of tax on the entity, a confirmation of self-assessment of tax, a tax demand, evidence of payment of tax, or any other equivalent document issued by the tax authority for the jurisdiction in question.