Following the enactment of The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act), in the British Virgin Islands, it is required that BVI entities carrying on relevant activities must demonstrate adequate economic substance in the BVI. The BVI entities that do not carry out relevant activities have to inform the authorities accordingly in order to be exempted from substance requirements and avoid penalties too.
We would like to update you with respect to the Belize companies requirement for Tax Identification number (TIN).
Under the new legislation all Belize International Business Companies are required to have a TAX ID number and includes Companies that are:
2019 is over and is time to start planning your actions for 2020!
Globalserve is ready to support and advise individuals on their tax and other obligations.
It is advisable to pay taxes and contributions or submit the relevant returns before deadline. This ensures that you will avoid payment of penalties or any interest.
Do not hesitate to contact our managers for further information and clarification needed