Stamp duty on foreign exchange permits

(1) On every permit issued by a bank for the purchase of foreign currency under the Exchange Control Regulation Act, or regulations made thereunder, there shall be paid by the applicant therefor a stamp duty of 1.75 per-centum of the price of the foreign exchange or of the value in Belize dollars of the transaction, whichever is the greater, Provided however, that this provision shall not apply to any foreign exchange transaction of one hundred dollars or less. (2) For the purposes of this section, “bank” means the Central Bank of Belize, a bank or financial institution for the time being authorised under the Exchange Control Regulations Act to act as an authorised dealer in relation 55 to foreign currency for the purposes of the Act and includes the General Post Office and branches thereof; “foreign currency” means any currency of a country other than Belize, or any cheque, draft, letter of credit, money order, postal order and any other negotiable instrument denominated in currency other than Belizean currency; “transaction” means any foreign exchange transaction conducted under the Exchange Control Regulations Act and regulations made thereunder. (3) A refund of stamp duty may be made by the Central Bank of Belize for any unused portion of a permit. (4) Notwithstanding anything to the contrary contained the Minister may, by order in writing, exempt certain categories of persons from the payment of stamp duty on foreign exchange