Exemptions from tax

(1) There shall be exempt from tax, (a) receipts from trade or of less than $75,000.00 per annum, where such receipts are the only means of livelihood of the tax payer; (b) receipts from profession or vocation of less than $20,000.00 per annum, where such receipts are the only source of livelihood of the tax payer; (c) rental receipts of less than eight hundred dollars per month where rents form the only source of livelihood of the taxpayer; (d) winnings from Boledo and Jackpot Lottery; (e) winning from any lottery of less than one thousand five hundred dollars, or winnings from slot machines and table games of less than one thousand dollars; CAP. 85. CAP. 86. CAP. 87. (f) interest from any debentures, treasury bills, treasury notes or bonds issued by or under the authority of the Government of Belize or by a council constituted under the Belize City 83 Council Act, the Belmopan City Council Act, or the Town Councils Act; (g) receipts of any local authority, statutory board or corporation or friendly society, or credit union or ecclesiastical, charitable or educational institution of a public character in so far as such receipts are not derived from a trade or business carried on by any of these entities; (h) interest on savings paid to any person provided that in the case of any person other than an employed person, the investment of funds does not constitute the normal trading activities of such person; (i) earnings from employment which are already subject to income tax under Parts I and II of this Act; (j) receipts of Belize Electric Company Limited and its successors and permitted assigns as provided in the Mollejon Hydroelectric Project (Exemptions from Taxes and Duties) Act, Cap. 59; (k) (l) dividends paid to their shareholders by entities licenced to provide telecommunication services that offer real time voice services. (2) The Minister, may on application made to him and on the recommendations of the Revenue Advisory Board, by Order published in the Gazette, exempt from the payment of tax a newly-established business or industry during the first two years of its operation if in his opinion it is necessary to do so to alleviate hardship or financial difficulty, 84 Provided that in the case of a person or entity involved in the production of citrus or other long-term crops where the date of production is longer than two years from the start of the operation, the Minister may, acting as aforesaid, exempt such person or entity from the payment of tax for a maximum period of five years. (3) Sub-section (1)(h) and (l) shall not apply to any amounts described in section 108A(2).