Business of shipping by non-resident

(1) Gains or profits arising from the business of shipping carried on by a person not resident in Belize shall be exempted from tax provided that the Minister is satisfied that an equivalent exemption from income tax is granted by the country in which the person is resident to persons resident in Belize and, if that country is a country other than the United Kingdom, to persons resident in the United Kingdom. (2) In this section the expression “business of shipping” means the business carried on by an owner of ships who employs them in the carriage of passengers or freight, or both, or in the landing, shipping or warehousing of goods, and for the purposes of this definition the expression “owner” includes any charterer. (3) For the purposes of this section a company shall be deemed to be resident in that country only in which the central management and control of its business is situate. loans.