Commercial Free Zone: Exemptions and Benefits
- no restrictions on foreign exchange out of or within a CFZ, including the sale of foreign currency or the transfer of foreign exchange;
- no Government charges and taxes on foreign currency use within a CFZ;
- all merchandise, articles and goods that enter a CFZ for commercial purposes are exempt from import duties, revenue replacement and stamp duties;
- all fuel and goods, including buildings materials, equipment, furniture, supplies, etc., needed for the functioning of a CFZ business are exempt from all duties and taxes;
- a Social fee of 1.5% is charged on all goods and services imported into the CFZ, except for fuel (on fuel it makes 10%);
- no quotas for imports and exports;
- it is possible to open an account in any currency with a duly registered bank of CFZ business choice located in the CFZ;
- no import or export license is required for imports or exports;
- imports and exports are exempt from all custom duties, consumption and excise taxes, and export duties;
- During the first 5-year period of business functioning in a CFZ, it is exempt from income tax, or capital gains tax, or any new corporate tax levied by the Government of Belize; any dividends paid by this business are exempt from tax for the first 20-year period of its operation;
- The loss incurred over the 5years' tax holiday by a CFZ business may be carried forward and deducted against profits in the 3 years after the tax holiday period;
- Any proceeds from the sale of stock or other ownership interest in a CFZ business are exempt from the above-mentioned tax.