Archive for October, 2010

Scotiabank to donate $50,000 for hurricane victims

Friday, October 29th, 2010

Scotiabank (Belize) Ltd has announced that it will donate $50,000 to the National Emergency Management Organization in order to help those most affected by Hurricane Richard. It is worth reminding that the hurricane hit Belize on October 24.

The funds donated by the bank will be used for housing assistance and rebuilding efforts for those who lost their homes or roofs.

Scotiabank has been in the jurisdiction since 1968. Currently, its network of 11 branches and 14 ATMs provides banking services to customers in all 6 districts of Belize.

Belize signs TIEAs with 7 Nordic Countries

Saturday, October 2nd, 2010

Tax Information Exchange Agreement (TIEA) with 7 Nordic countries has been signed by Belize. The newly-signed agreements with Denmark, Norway, Sweden, Finland, Greenland, Iceland and the Faroe Islands will allow sharing tax-related information in accordance with the standards established by the Organization for Economic Cooperation and Development (OECD).

The agreements with 7 Nordic countries were signed on September 15, 2010.

The TIEAs will provide for supply of the following information, upon request:
– information held by banks, other financial institutions, and any person acting in an agency or fiduciary capacity including nominees and trustees;
– information regarding the ownership of companies, partnerships, trusts, foundations, ‘Anstalten’ and other persons.

A number of statements are needed to accompany such requests of information. The requests include:
– the tax purpose for which the information is sought;
– confirmation that the request is in accordance with the law and administrative practices of the applicant’s country;
– the information is obtainable under these laws or in the normal course of administrative practice.

It is worth mentioning that Belize has already signed TIEAs with the UK, Belgium, Australia and the Netherlands. Also, the jurisdiction has initialed TIEAs with Ireland, Italy, Mexico, and Aruba. Agreements based on the OECD model are being discussed with the US, Poland, and Canada.