Linking Fiscal Incentives to Productive Economic Activities
HEARD ABOUT THE FISCAL INCENTIVES PROGRAM? No?
One of Belize’s Government Incentives in stimulating productive economic activities is the Fiscal Incentives Program. The Fiscal Incentives Program aims to encourage legitimate investment in Belize for both existing and prospective investors through the granting of duty exemptions on imported items for your business. So what is the Fiscal Incentives Program exactly?
The Fiscal Incentives Program is designed for both foreign and local investors. The program is divided into two: the Regular and the Small and Medium-sized Enterprises (SME) program. The Regular Program was designed for capital investment over $300,000.00. The SME program was incorporated in the Fiscal Incentive program to encourage local investment and growth of Small & Medium-sized Enterprises.
Incentive programs play an important role in countries to attract both local and foreign investments. Belize’s fiscal incentive program is especially designed to encourage economic growth through business development.
Who Qualifies under the Programme?
In order to qualify for the Fiscal Incentives Program, business activities must provide benefits to the economy of Belize and be under one of the approved activities such as tourism related activities, agriculture, agro-processing, arts, craft & culture, manufacturing, and auto-rental. As one of the requirements, the entity must be incorporated under the Laws of Belize.
What are the benefits under the programme?
Some categories that classify for duty exemption are building materials and supplies, raw material, machinery & equipment, and transport & utility vehicles.
Under the Regular Program, you can benefit up to 15 years of duty exemption.
The SME program offers up to 5 years of duty exemption. This program was especially designed for Belizean entities or at least 51% Belizean ownership with an annual turnover not exceeding $500,000.00 and which employs not more than 15 persons. Under the SME program the capital investment has to be $300,000.00 or below.
How to apply under the Programme?
To apply for the Fiscal Incentive Program you will need to submit 3 copies of your business plan. The application requires a description of the under taking, basic marketing plan, projected financial statements, copy of legal documents and environmental check list.
