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Oct 10, 2019

Legislation to Address E.U. Blacklisting Passed by Senate

Godwin Hulse

An important piece of legislation that went before the Senate on Wednesday as passed to get rid of the blacklisting by the European Union that hangs over Belize. The European Union determined in March to blacklist Belize as a tax haven. The E.U. says that Belize has significant shortfalls when it comes to laws that favour tax invasion. Initially, the Government of Belize rejected the listing but later decided to pass six pieces of legislation to align the country with the E.U.’s requirements and be removed from the list of Non-Cooperative Jurisdictions for Tax Purposes. The bills were passed last week in the House of Representatives and on Wednesday, Senators approved the bills into law without a hitch. 

 

Senator Godwin Hulse, Leader for Government Business

“Economic Substance Bill 2019, International Business Company Bill 2019, International Financial Services Commission Amendment number two Bill 2019, Stamp Duty Amendment Bill 2019. Mr. President I rise to report that the committee of the whole senate has considered the above mentioned bills and passed them without amendment. I move that those bills be read a third time.”

 

Darrell Bradley

Darrell Bradley, President of the Senate

“Honorable members the question is that the bill for an act to make improve provisions for substantive economic presence to be fulfilled by certain entities to provide for reporting requirement for certain instances and to provide for matter connected therein or incidental thereto be read a third time? All those in favor kindly say “I”, those against kindly say “no”. I think the “I’s have it.”


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