E-Invoicing Set to Change How Belize Does Business
Belize’s business community is getting ready for a major shift in how it bills customers and reports transactions. Hundreds of business owners packed today’s demonstration for their first hands-on look at the country’s new electronic invoicing system. The rollout has now entered its voluntary phase, giving companies time to upgrade their software, choose service providers and work through any technical challenges before e-invoicing becomes mandatory next year. News Five’s Shane Williams attended the demonstration and explains what businesses need to do now to prepare for the transition.
Shane Williams, Reporting
Belize Tax Services officially launched its e-invoicing system today, giving businesses a chance to see how the new technology will work and, more importantly, how to get ready. After a year of public education and pilot testing, electronic invoicing has entered its voluntary phase. It becomes mandatory on March 1st, 2027.
Michelle Longsworth
Michelle Longsworth, Director, Belize Tax Services
“Today is about us, BTS, saying to taxpayers, “This is what you need to have in place to be prepared for when e-invoicing comes on stream.” The solution providers here today are here to showcase the solution that forms a bridge between a business accounting system and Vertex Belize, the e-invoicing system. Today, we offer the opportunity for taxpayers or businesses to ask the questions get comfortable, know what they need to have in place. This is the time for us to support them. This is the voluntary phase. So the voluntary phase starts now. The mandatory phase starts next year.”
So, what actually changes? For GST-registered businesses, e-invoicing takes the same business-to-business invoice they issue today and sends it electronically through a standardized system. The invoice goes through Vertex Belize, where it is validated before being returned to the business.
Michelle Longsworth
“Presently, the tax system is retrospective, meaning that you file your return, you issue invoices and maybe six years later, the tax department comes in and say, “We’re gonna do an audit six years ago. You have to provide to us all those invoices that you issued six years ago.” What happens then?” This provides for us, as a tax administration, to have those real time, which then lessens the need to do audits on all businesses and then we are able to identify audits or validations that we need to do based on risks.”
Businesses are free to choose from several providers, creating new opportunities for Belizean tech companies. And according to Valley of Peace Farms, making the switch may not break the bank.
Gilbert Canton
Gilbert Canton, Valley of Peace Farms
“Turned out that our IT provider for the company is also going to be a Vertex or Vert- what is it called? Vert- Vertex … Vert- yeah, so is also a Vertex provider. So we went to speak to him about adding the additional service to our existing contract, and he said it’s gonna cost us $5 more per month, so we have our provider already.”
Shane Williams
And your satisfaction level from hearing that?
Gilbert Canton
“I was very pleased that it’s not gonna cost us too much more. I’m sure implementation will have its bumps in the road, but we hope that we get through a, a process smoothly, and we’re ready for March first.”
For businesses still figuring out their options, today’s launch is essentially the starting gun and the message from Belize Tax Services is don’t wait for mandatory implementation to begin preparing. Shane Williams for News Five.
Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.