Calculation of GST on taxable supplies

(1) A supply of goods or services is a “taxable supply” if the supply– (a) is made in Belize; (b) by a taxable person; (c) in the course or furtherance of a business carried on by that person; and (d) is not an exempt supply. (2) Where a registered person ceases to carry on a business, or ceases to be registered but continues to carry on business, the person shall be deemed at that time to have made a taxable supply of goods or services on hand at that time, but only if the person was allowed an input tax credit in respect of the acquisition or importation of those goods or services, or in respect of the acquisition of goods or services which have been subsumed into those goods or services. (3) Except where otherwise specified– (a) the GST payable on a taxable supply shall be the amount calculated by multiplying the rate of GST applicable under section 9 by the value of the supply; and (b) the GST payable on a supply that is partly taxable shall be the amount calculated by 31 multiplying the rate of GST applicable under section 9 by the value of that part of the supply that is a taxable supply.