Taxes from 1999 basis year

(1) Commencing from the first day of the basis year 1999 and for each subsequent year, the tax upon the chargeable income of any person other than an employed person shall be charged at the rate of twenty-five per centum of the amount of the chargeable income. Provided that– (a) the rate of tax for persons engaged in petroleum operations shall be forty per centum of the amount of the surchargeable income derived from such operations, and such tax shall be payable in the currency of the United States of America (US$); (b) the rate of tax for international business companies shall be as follows– (i) one point seventy-five per centum of the chargeable income amounting to a sum greater than three million Belize dollars derived from business operations, and such tax shall be payable in the currency of the United States of America (US$); (ii) three per centum of the chargeable income amounting to the sum of three million of a lesser amount in Belize dollars derived from operations, and such tax shall be payable in the currency of the United States of America (US$); 32 (c) the rate of tax for companies operating in a designated processing area shall be the rates specified in paragraph (b).(2) The business tax paid by any person other than an employed person under Part III of this Act during the basis year shall count as a credit towards the income tax payable on such (3) The excess of any business tax paid by any person other than an employed person during the basis year over the income tax due on the chargeable income of such person shall be carried forward as an expense to the next basis year. (4) Where the income tax payable by any person during the basis year is more than the business tax paid by such person during the same basis year, the excess of income tax so payable shall be remitted by the Commissioner provided that income tax returns are duly filed by such person within such time as may be specified by the Commissioner. (5) The proviso to sub-section (1) of this act, comes into force on the 1st day of January 2006. (6) For purposes of sub-section (1)(b), where a company is engaged in a trade, business, or profession where the revenue or income is derived outside of Belize, the company shall not be liable for payment of income tax in Belize.