UK claims that GBP 45 million UK aid cash given to tax havens is being used to fund public services in countries including Belize

October 30th, 2015

According to Daily Mail, British aid money is being used to subsidise public services in tax havens, an investigation has found.

Daily Mail says that millions of pounds have gone to countries such as Belize as well as Anguilla and Panama, which have such high poverty levels that they qualify for substantial UK development grants. In just one year, Britain paid out GDP 45 million in aid to 13 countries included on a European Commission tax haven ‘blacklist’.

The investigation, published in The Independent, found British aid funds have been used to build an airport in Montserrat, and set aside to pay for roads and ports in Belize, Antigua and Barbuda, and St Vincent and the Grenadines.

Belize and UAE signed bilateral trade agreements

October 14th, 2015

Belize has signed bilateral trade agreements with the United Arab Emirates (UAE), which will become the basis for inflow of private sector, as well as government investments from this country, and will strengthen Belize’s position as the regional energy leader. The model of Belize Natural Energy Limited (BNE) was extremely important in signing the agreement to build relationship between the countries.

Oil was discovered in Belize ten years ago, and BNE believes that the country can share UAE’s experience and vision that the discovery of oil is only the start of economic success story of the country, the UAE providing necessary financial and knowledge-based resources to achieve the success.

Belize Prime Minister calls early general elections

October 2nd, 2015

Belize Prime Minister Dean Barrow has called early general elections, which are to be held on November 4, 2015. October 15 will be nomination day. The National Assembly is to be dissolved by the governor general just after three and a half years of this government’s current term, which counts from March 7, 2012, and this is going to be the earliest election ever in the country.

In the last general elections, United Democratic Party got 17 seats in the National Assembly while the opposition People’s United Party had 14. After a period of restoration, Barrow said the time had come to ask for a new mandate. By his words, now “the UDP must focus exclusively on the positive, on forwarding opportunity and change.”

IRS seeking information about US taxpayers’ accounts in Belize

September 23rd, 2015

A federal court in Miami authorized the Internal Revenue Service to serve a “John Doe” summons seeking information about those US taxpayers who may hold offshore accounts at Belize Bank International Limited(BBIL) or Belize Bank Limited (BBL). The court order permits to seek records of the banks’ correspondent accounts at Bank of America and Citibank, to identify the holders of interest in financial accounts of the Belizean banks, as well as other institutions that used the same correspondent accounts.

US taxpayers are required by Federal tax law to pay taxes on all income earned worldwide. US taxpayers must also report foreign financial accounts if the total value of the accounts exceeds $10,000 at any time during the calendar year, otherwise they can be liable to a fine of up to 50 percent of the amount in the account at the time of the violation.

Belize Bank is the first and largest bank in Belize, with 44% market share in loans and 38% in deposits. According to the IRS declaration, Belize Bank Limited is the direct owner of Belize Bank International Limited. It also states that Belize Corporate Services (BCS) is incorporated and based in Belize and offers corporate services including the purchase of “shelf” Belizean International Business Companies. BBL, BBIL and BCS are corporate subsidiaries of BCB Holdings Limited.