Monday, April 15, 2024

Belize Tax Service Department requires businesses to update their accounts before a new system is implemented

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A new and improved way to pay taxes is being introduced by the Belize Tax Service Department (BTSD) to allow online payments and better control of tax profiles and accounts. Many taxpayers paying Business, General Sales, and Income tax, among others, will be able to do so in a more organized and efficient way. The new system is set to start in August and will allow taxpayers to access their accounts and other e-services from anywhere in the world. As such, the BTSD is asking businesses to update their account information via applicable forms e-mailed to them. This information is to be e-mailed back to [email protected] by May 7, 2021.

The forms apply to both businesses and vendors. For employees/individuals, a vendor authorization form is needed along with a Social Security card copy. The details requested include contact info, address, business name, identification number (tax number), and banking information for businesses.

The BTSD indicated that the feedback has been poor. They encourage those who have received their e-mail request to take the time to fill in the forms and update their accounts before the deadline. When all the required information is submitted, members will undergo training sessions to learn how to use the new system. One of the advantages of the new system will be paying different taxes without the risk of duplication. The new method will also provide taxpayers with notifications regarding the BTSD and notify them about their returns. The system is expected to encourage greater compliance.

Those who have questions or want to confirm their information has been updated in the system are asked to contact a BTSD agent. In San Pedro Town, Marsha Flowers can be reached at phone number 610-2789.

Members are reminded that according to the Tax Administration and Procedure Act, 2019 Section 96(1), failure to comply with a request for information within a specified time may lead to a penalty of up to $2,500.

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