iCalculator™ BZ: Belize Tax Calculators

Welcome to iCalculator™ BZ, your comprehensive suite of free tax calculators for Belize. iCalculator™ has provided free tax calculators for Belize since 2019. Since those early days we have extended our resources for Belize to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Belize Tax Calculator and salary calculators within our Belize tax section are based on the latest tax rates published by the Tax Administration in Belize. In this dedicated Tax Portal for Belize you can access:

Belize Tax Calculator 2024/25

The Belize Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Belize. This includes calculations for

1. Employees in Belize to calculate their annual salary after tax.
2. Employers to calculate their cost of employment for their employees in Belize.

Discover Belize

Belize, a small country located on the northeastern coast of Central America, is bordered by Mexico to the north, Guatemala to the west and south, and the Caribbean Sea to the east. This unique geographical location offers Belize a diverse ecosystem, including the Belize Barrier Reef, dense jungles, and Mayan ruins, which contribute to its rich biodiversity and cultural heritage. Belize is known for its vibrant multicultural society, with a mix of Creole, Mestizo, Garifuna, Mayan, and other ethnic groups, each contributing to the country’s cultural fabric. English is the official language, a legacy of its history as a British colony, making it unique in the Spanish-speaking Central American region.

Culturally, Belize is renowned for its diverse and harmonious blend of various influences, with a significant emphasis on environmental preservation and sustainable tourism. The country celebrates numerous festivals and events that reflect its multicultural identity, including the famous Belize Carnival, Garifuna Settlement Day, and the International Costa Maya Festival. Traditional music and dance, particularly those influenced by the Garifuna community, play a significant role in Belizean culture.

The economy of Belize is classified as a lower-middle-income economy. The key sectors include agriculture, tourism, and services. Agriculture remains a significant part of the economy, with products like sugar, bananas, and citrus fruits being major exports. Belize’s tourism industry is one of the fastest-growing sectors, significantly contributing to the country’s GDP. The Belize Barrier Reef, the second-largest in the world, attracts a large number of tourists for scuba diving and snorkeling. Additionally, the country's efforts in promoting eco-tourism have gained international recognition.

Belize also has a developing fisheries sector and is exploring opportunities in aquaculture. Despite its growth, the economy faces challenges such as vulnerability to natural disasters and reliance on a narrow range of export products. For more detailed information about Belize's neighboring countries, you can visit their respective pages on iCalculator: Mexico and Guatemala.

Overview of Taxation in Belize

The taxation system in Belize is structured to support its economy and provide necessary government revenue while encouraging investment and business growth. The country implements both direct and indirect taxes. Direct taxation includes income tax, which applies to individuals and businesses operating in Belize. The tax system is designed to be progressive for individuals, with rates varying based on income levels.

Corporate taxation in Belize is levied on the profits of companies and is an important source of revenue for the country. In addition to income and corporate taxes, Belize also imposes General Sales Tax (GST) on the supply of most goods and services, which is a form of indirect taxation. This tax is a significant component of the government's revenue system.

Other forms of taxes in Belize include import duties, excise taxes on specific goods, and property taxes. The Belizean government has also implemented tax incentives and exemptions in certain sectors to promote economic growth and attract foreign investment. These incentives are often seen in areas such as tourism, agriculture, and offshore business activities.

For individuals and businesses seeking a comprehensive understanding of Belize's tax system, including the latest laws and possible exemptions, the latest tax tools and tax tables are invaluable resources. These tools provide detailed insights into the tax environment in Belize, aiding in effective planning and compliance.