Income Tax Brackets in Belize for 2024-2025

There are several tax categories applicable in Belize such as income tax, business tax and general sales tax. Penalty and interest charges may apply if taxes are not filed and paid within the appropriate timeframes. The taxation system is administered by the official tax body, the Belize Tax Service Department and taxpayers may use IRIS Belize, the online taxpayer portal for all tax-related services and transactions. Only large taxpayers are required to use IRIS while others are encouraged to do so voluntarily. All taxpayers are required to apply for a Tax Identification Number (TIN).

The Income and Business Tax Act provides guidance and support in the form of income tax tables for individuals and businesses. Taxpayers must familiarize themselves with these tax tables and the corresponding tax brackets and tax rates, for effective tax planning and to remain compliant with the tax laws in Belize.

Here you will learn more about:

• headline tax rates
• personal income tax (PIT) rates
• corporate income tax (CIT) rates
• capital gains tax (CGT) rates
• withholding tax (WHT) rates
• general sales tax rates

Headline Tax Rates in Belize

Personal Income Tax (PIT) Brackets in Belize 2024-2025

Personal income, or employee income is taxed at a flat rate of 25%. The tax free threshold for PIT in Belize is below BZD $26,000. An employee must retrieve a Statement of Emoluments Paid (a TD4 slip) from their employer for the reported period of work. Reliefs may apply for payment for charitable purposes (up to a maximum of BZD$250) or education (up to a maximum of BZD$400 per child not your own).

Corporate Income Tax (CIT) Rates in Belize 2024-2025

Businesses, companies, and self-employed persons are liable to pay corporate tax according to their business/income classification as tabulated below:

Business tax does not apply to Boledo, a form of lottery played in Belize. Business tax also does not apply to rental receipts less than BZD$1,650 per month or receipts of export processing zone businesses.

Income Tax (IT) Due Dates 

Capital Gains Tax (CGT) in Belize

There is no capital gains tax (CGT) in Belize.

Withholding Tax Rates for Residents and Non-Residents in Belize

The WHT rate stands at 15% in Belize for Caribbean Community (CARICOM) residents. WHT rates for non-CARICOM residents is tabulated below:

General Sales Tax in Belize

A business that generates an annual turnover exceeding BZD$75,000 must register for general sales tax (GST), and complete a GST return. Additionally, if a new business generates BZD$6,250 or more monthly in taxable supplies for a period less than 12 months, it is required to register for GST.

Generally, GST is chargeable on the supply of most goods and services except where it is either exempt or zero-rated.