Provision for certain companies and businesses

Notwithstanding anything to the contrary in this Act, it is hereby provided that– (a) in the case of an insurance company, other than a life insurance company, where the gains or profits accrue in part outside Belize, the gains or profits on which tax is payable shall be ascertained by taking the gross premiums and interest and other income received or receivable in Belize, less any premiums returned to the insured and premiums paid on re-insurances, and deducting from the balance so arrived at a reserve for unexpired risks at the percentage adopted by the company in relation to its operations as a whole for such risks at the end of the basis year, and adding thereto a reserve similarly calculated for unexpired risks outstanding at the commencement of the basis year, and from the net amount so arrived at deducting the actual losses less the amount recovered in respect thereof under re-insurance, the agency expenses in Belize and a fair proportion of the expenses of the head office of the company; (b) in the case of a life insurance company, whether mutual or proprietary, the gains or profits on which tax is payable shall be the investment income less the management expenses, including commission, but where such a company received premiums outside Belize, the gains or profits shall be the same proportion of the total investment income of the company as the premiums received in Belize bore to the total premiums received after deducting from the amount so arrived at the agency expenses in Belize and a fair proportion of the expenses of the head office of the company. wife.