Bank Of Belize to pay USD 11million worth of Tax Arrears

The Bank of Belize has been ordered to pay the Government of Belize USD 11 million worth of arrears that are related with unpaid income and business taxes.

Revenue Court Magistrate Edd Usher made this decision. He ruled that, as a result of failing to pay the taxes stated between the years 2006 and 2008, the Bank of Belize had accumulated the debt.

However, according to the bank’s legal representatives, this amount of money cannot officially be adjudicated by the Magistrates Court as the Court can only deal with sums of money up to the value of BZ$ 5 000. Also, the bank’s representatives say that, because of how far back the arrears are dated, the Magistrates Court should postpone the case until after an application by the Bank of Belize has been heard by the Supreme Court.

The bank has to settle the outstanding taxes until February 12, 2009.

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