Interpretation

In this Act, unless the context otherwise requires“basis year” means the calendar year coinciding with the year of assessment except where another period is substituted by the Commissioner under section7of this Act; “Board” means the Income Tax Appeal Board appointed under section 3(3) of this Act; “body of persons” means any body politic, corporate or collegiate and any company, fraternity, fellowship, partnership, or society of persons whether corporate or not corporate; “business tax” means the tax levied under Part XI of this Act; “chargeable income” means– (a) in the case of an employed person, the aggregate amount of the income from the applicable sources specified in section 5 of 11 this Act remaining after allowing the appropriate deductions and exemptions under this Act, but does not include “receipts” as defined in Part III of this Act; (b) in the case of any person other than an employed person, the aggregate amount of the income from the applicable sources specified in section 5 of this Act remaining after allowing the appropriate deductions and exemptions under this Act; “Chief Collector” means the Chief Income Tax Collector appointed under section 3 (1) of this Act, and until such time as such appointment is made, the Commissioner of Income Tax; “child” includes a stepchild, an adopted child, or a child born out of wedlock who is wholly maintained by the parent claiming the allowance, but does not include a child who is married or has been married or is cohabiting in a common law union; “Commissioner” means the Director General as defined in the Tax Administration and Procedure Act; CAP. 51. “company” means any company incorporated or registered under any law in force in Belize, and any company which, though incorporated or registered outside Belize, carries on business, or has an office or place of business therein; “designated processing area” or “DPA” has the meaning assigned in the Designated Processing Area Act with respect to one of the three statuses; CAP. 280. “incapacitated person” means any infant, person of unsound mind, or insane person; “judge” means a judge of the Supreme Court; 12 “lottery” means any scheme for distributing prizes by lot or chance but does not include raffles where the value of the article raffled is not more than ten dollars; “Minister” means the Minister responsible for Finance; “person” means a natural person or a legal person and includes a firm, a branch and any body of persons, whether corporate or unincorporated; “prescribed” means prescribed by rules made under this Act; “petroleum” means all natural organic substances composed of carbon and hydrogen; and includes crude oil and natural gas, and all other mineral substances, products, by-products and derivatives that are found in conjunction with petroleum; “petroleum operations” means the operations related to the exploration, development, extraction, production, field separation, transportation, storage, sale or disposal of petroleum, but does not include any transportation or other (a) beyond the point of export; or (b) in the case of petroleum which is processed within Belize, beyond the point of entry into a refinery or liquefaction or natural gas treatment plant; “petroleum profits” means the profits arising from petroleum “Petroleum surcharge” means the surcharge levied under Part IV of this Act; “tax” means the income tax imposed by this Act and includes surtax, unless otherwise specified; 13 “trade” includes every trade, manufacture, adventure or concern in the nature of trade; “year of assessment” means a period of twelve months commencing on 15th January in each year.