Regulatory Alerts2020-05-29
Guidance Note on International Business Companies (Amendment) Act, 2018
The Financial Services Commission of Belize issued this guidance to clarify the interpretation of grandfathering provisions for International Business Companies incorporated on or before October 16, 2017. The document confirms that these entities remain exempt from income, business, and withholding taxes until June 30, 2021, provided they do not engage in new relevant activities after the cutoff date. Additionally, IBCs conducting core income-generating activities in specified sectors must comply with economic substance requirements by June 30, 2021, while reporting their relevant activities to the Commission.
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