Belmopan 12 February – OffshoreBiz.com – Amid warnings of Belize facing
economic sanctions imposed by the G-20, a powerful alliance of developed
states, Belize Prime Minister Dean Barrow has stated that the Government of Belize would sign a series of tax
agreements with the developing world, even though the signings could,
likewise, hurt Belize, financially.
"There is no way to fight this,"
Barrow, the Minister of Finance, said, adding that Belize should be in
compliance by the March deadline, even though he thinks the measures are
"most unfair, most unjust and most immoral."
Barrow, the Minister of Finance, said, adding that Belize should be in
compliance by the March deadline, even though he thinks the measures are
"most unfair, most unjust and most immoral."
There are G20 discussions, slated to
take place this month, on the slapping of sanctions on Belize and other
countries, considered "tax havens" to first world citizens, if those
countries do not sign a series of Tax Information Exchange Agreements
(TIEAs).
take place this month, on the slapping of sanctions on Belize and other
countries, considered "tax havens" to first world citizens, if those
countries do not sign a series of Tax Information Exchange Agreements
(TIEAs).
Barrow expressed his displeasure over the
position advanced by the industrial world, which, he said, is seeking
"by hook or by crook," to kill the offshore industry that so many small
countries rely on as a means of economic diversification.
position advanced by the industrial world, which, he said, is seeking
"by hook or by crook," to kill the offshore industry that so many small
countries rely on as a means of economic diversification.
The signings could cause a falloff
in offshore business, he told local Belize news media. However offshore banking practitioners in Belize are quoted off the record as stating that the impact will be minimal.
in offshore business, he told local Belize news media. However offshore banking practitioners in Belize are quoted off the record as stating that the impact will be minimal.
In 2000, Belize was listed among 35
countries classified by the Organization for Economic Cooperation and
Development (OECD) as "tax havens," which have been under pressure to
sign the tax sharing agreements.
countries classified by the Organization for Economic Cooperation and
Development (OECD) as "tax havens," which have been under pressure to
sign the tax sharing agreements.
According to Prime Minister Barrow,
to date, Belize has signed three (3) tax information sharing agreements,
respectively with the US, Belgium, and most recently (last week) with
The Netherlands. (The agreement with Belgium is dated December 2009.)
to date, Belize has signed three (3) tax information sharing agreements,
respectively with the US, Belgium, and most recently (last week) with
The Netherlands. (The agreement with Belgium is dated December 2009.)
There are seven (7) agreements
pending with the Nordic countries, and two (2) more pending with the
Dutch-speaking Caribbean islands, the Prime Minister further informed.
pending with the Nordic countries, and two (2) more pending with the
Dutch-speaking Caribbean islands, the Prime Minister further informed.
Those who utilize offshore banking structures to protect their interests are advised to contact their offshore service provider to ensure compliance. Belize has one of the most modern offshore service industries in the world and with careful planning and advice client assets and privacy can be preserved.