Find Accountancy, Audit and Tax expertise in Belize
- Overview
- Profession
- Tax
Overview
There are a limited number of accountancy firms within Belize. There is only one firm with affiliations with – although not a member of – the ‘Big Four’ firms and there are some associated firms of mid-tier international accounting networks, such as PKF Belize. The remainder of firms in the sector are small, native establishments such as Castillo Sanchez and Burrell and Coye and Associates. Auditing standards within the country are governed by the Finance and Audit (Reform) Act, 2005. Additionally, Belize has adopted the International Financial Reporting Standards and the International Standards on Auditing and Code of Ethics of the International Federation of Accountants. The 2011 World Bank’s Ease of Doing Business Index rated Belize 29th in the world (out of 183 countries) for resolving insolvency, compared to Jamaica in 26th place, Puerto Rico in 27th and The Bahamas in 34th place.
Profession
The country’s main institutions in the accountancy sector are The Institute of Chartered Accountants of Belize (ICA Belize), representing around 100 members, and the Supreme Audit Institution of Belize, which administers the auditing of public accounts. ICA Belize is also a member of the Institute of Chartered Accountants of the Caribbean (ICAC), which strives to establish the accountancy profession as compliant with internationally instituted standards of professional and commercial practice. As of 2002, ICA Belize entered into a joint training and examination scheme with the Association of Certified Chartered Accountants of the United Kingdom (ACCA). Students entering into professional training must therefore by registered with both bodies and complete ACCA examinations, therefore satisfying the criteria of both bodies.
Tax
Personal income tax rate in Belize is a flat 25% (tax year 2010-11). However, if an income is below $20,000 it should be exempt from taxation. Corporate tax within the country also stands at 25%. Offshore companies incorporated in Belize, IBCs (International Business Companies), are exempt from both corporate and business tax. The standard rate of general sales tax in Belize is 10%. The 2011 Ease of Doing Business Index placed Belize 55th in the world for paying taxes, a comparable position to many regional neighbours, with St Lucia in 52nd place, The Bahamas in 56th and Trinidad and Tobago in 65th.
| Accountancy, Audit and Tax organisations in Belize | |
|---|---|
| Coye and Associates |
|
| Deloitte & Touche |
|
