Exemption from income and business tax and withholding tax

(1) BSI and Belcogen shall be exempt from income and business tax as follows– (a) total exemption for the period from 1st January 2008 to 31st December 2012; or (b) partial exemption as follows– (i) from 1st January 2013 to 31st December 2013, BSI and Belcogen shall be exempt from 80% of income (ii) from 1st January 2014 to 31st December 2014, BSI and Belcogen shall be exempt from 60% of income (iii) from 1st January 2015 to 31st December 2015, BSI and Belcogen shall be exempt from 40% of income and business tax; or Sugar Industry and 6 (iv) from 1st January 2016 to 31st December 2016, BSI and Belcogen shall be exempt from 20% of income (2) After the expiry of the period mentioned in sub-section (1)(b)(iv), BSI and Belcogen shall be liable to pay all income and business tax as provided in the Income and Business Tax Act. (3) BSI and Belcogen shall be exempt from withholding tax as follows– (a) on dividends- for a period of five years with effect from 1st September 20 12; (b) on payments for technical services - for a period of five years with effect from 1st September 20 12; or (c) on interest payments to non-residents of Belize for a period of ten years with effect from 1st September 2012.