Belize Breaks Free from EU Tax Watchlist

Belize has cleared another major international hurdle in its push to strengthen tax transparency. The European Union has removed the country from Annex Two of its list of jurisdictions that still had outstanding commitments on tax governance. The decision means Belize has satisfied the international standard for exchanging tax information upon request. It follows a supplementary review by the Global Forum on Transparency and Exchange of Information for Tax Purposes, which upgraded the country’s rating from “Partially Compliant” to “Largely Compliant” in April. That improved rating prompted the EU Code of Conduct Group to conclude that Belize had met the required standard and should come off the list. On August thirty-first, Prime Minister John Briceño wrote to the president of the Economic and Financial Affairs Council, known as ECOFIN, asking the European body to formally complete the process. Today, ECOFIN approved the country’s removal. Prime Minister John Briceño says the decision reflects Belize’s progress on tax transparency. He praised the Financial Services Commission and other agencies that led the reforms. Government says it will continue strengthening the system, while Belize’s final commitment under the EU tax-listing process is now closed.

 

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