CFZ tax regime

(l) During the first ten years of its operation, a CFZ business shall be exempt from the payment of business tax or any other corporate tax, and any dividends paid by a CFZ business shall be exempt from such tax for the first ten years of its operation. (2) A CFZ business shall pay business tax at the rate of 2% or such other rate as may be specified by the Minister by Order published in the Gazette upon the expiration of the tax holiday period under sub-section (1). (3) In the computation of business tax under this section, there shall be given tax credits in accordance with the number of Belizean workers employed on a continuing basis by a CFZ developer or CFZ business in accordance with the following scale, No. of workers Tax Credit– (a) 10 to 30 Belizean workers - 1% of annual business tax due under this section; (b) 31 to 50 Belizean workers - 1.5% of annual business tax due under this section; (c) over 50 Belizean workers - 2% of the annual business tax due under this section. 27 (4) Where a CFZ business incurs a total net loss over the ten years tax holiday specified in sub-section (1) of this section, that loss may be carried forward and set off against business profits payable in the three years following the tax holiday period. (5) Any proceeds from the sale of stock or other partial or complete ownership interest in a CFZ business shall be exempt from tax levied under this section. CAP. 55. (6) The tax levied under this section shall be collected by the Commissioner of Income Tax and the provisions of the Income and Business Tax Act shall, subject to this section or any regulations, mutatis mutandis apply to the collection of such tax and any appropriate action against the defaulter. (7) A CFZ fee equal to the sum of five per centum of the tax collected by the Commissioner of Income Tax under this section in any year of assessment shall be placed to the credit of the NFZ (8) The NFZA shall be exempt from the payment of income tax, business tax, property tax and stamp duties.