Interpretation in this Part

(1) In this Part, unless the context otherwise requires“business” means any trade, manufacture, adventure or concern in the nature of trade; “employment income” means income derived from services provided under a contract of service or apprenticeship or tenure of office, and includes income from employment as a consultant where such employment is for more than 60 days in the aggregate in any basis year; 1This Part was inserted by Act No. 19 of 1998. 76 “Public Investment Company” or “PIC” means a company which is designated as such under the International Business Companies Act; CAP. 270. CAP. 270. “PIC Group Company” means a company comprised in a PIC Group as that term is defined in the International Business Companies Act, as amended; “receipts” means all revenues, whether in cash or in kind, or whether received or accrued, of a person or entity carrying on trade or business or practicing his or its profession or vocation in Belize without any deduction, and includes– (a) rents, royalties, premiums and any other revenue receipts arising from property; (b) commissions, royalties and discounts; (c) dividends, interest including interest from investments, debentures, bills, bonds and notes, CAP. 263. Provided that in the case of a financial institution licensed under the Banks and Financial Institutions Act “interest” shall mean the difference between the interest earned and the interest paid on deposits as well as the interest paid on funds borrowed from abroad for on-lending in Belize as certified by the Central Bank of Belize; (d) winnings from lotteries, slot machines and table games; (e) management fees, rental of equipment and charges for technical services; but does not include– (i) revenue replacement duty on fuel; 77 (ii) supply sales by a designated bulk fuel importer to other bulk fuel supplier; (iii) excise duty except when applied to fuel; CAP. 285. (iv) accommodation tax payable under the Hotels and Tourist Accommodation Act; (v) sales tax payable to Government; (vi) funds received as an agent; or (vii) any payment by a PIC Group Company of– (aa) a dividend or other distribution (whether by way of distribution of a profit of an income or capital nature); or (bb) interest or principal on any indebtedness, to the PIC or to another PIC Group Company; (viii) absolute and immediate gifts amounting in the aggregate to five hundred dollars or more, taking effect in Belize, for sports, religious, charitable, educational or cultural purposes or for the improvement of amenities in towns or villages, up to a maximum of $30,000 per annum, provided that the Commissioner is satisfied that the gifts were actually made; “management fees” means payment for the provision of industrial or commercial advice or for management or technical services or similar services or facilities; 78 “professional” means any person or firm or any body of persons (whether corporate or unincorporated) engaged in a vocation or occupation in Belize including, but not limited to, the vocations, and occupations listed in Schedule VIII; Schedule VIII. “rental” means payments of any kind received as consideration for the hire of plant or machinery or equipment of any kind or description, but does not include payments made under bona fide hire purchase agreements; “revenue receipts” means any receipts other than receipts of a capital nature; “tax” means the business tax levied under section 106 of this Act; “telecommunication services” means the provision of telephone and other ancillary or related services. (2) For the purpose of the definition of the expression “receipts”, the receipts shall be deemed to have accrued at the time when the goods or services are supplied or performed irrespective of the fact that payment or consideration therefor may have been deferred, and in the case of dividends and interest, the receipts shall be deemed to have accrued at the time when payment becomes due. (3) The Minister may from time to time by Order published in the Gazette amend Schedule VIII to this Act. (4) Where a word or expression used in this Part is not defined herein, the respective meaning assigned to that word or expression in Part I of this Act shall mutatis mutandis apply.