The GST Guide - The Belize Department of General Sales Tax

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CHAPTER 4CHARGING GST4.1 A registered person is liable for GST on the taxable supplies madewithin Belize. Therefore, to ensure that GST is correctly charged, theregistered person must be aware of the following:(a) the rate of tax to be applied to each supply;(b) what is a taxable supply;(c)the time and place a supply is considered to have been made;(d) the value of a supply on which GST is to be calculated;4.2 Rate of Tax (Section 9, GST Act)There are two rates: a standard rate of 12 ½ % and a zero (0%)percent rate.Zero-Rated SuppliesZero rated supplies are listed under the First, Second and ThirdSchedules of the GST Act.Any GST paid on purchases made in producing zero rated suppliesmay be reclaimed, resulting in a totally tax free supply.4.3 Taxable Supply (Section 15, GST Act).A taxable supply is a supply of goods and/or services made in thecourse of, or furtherance of, any business. Therefore, where a supplyis not exempted under Schedule Four it will be a taxable supply.11
4.4 Exempt SuppliesThe goods and services in the Fourth Schedule of the GST Act areexempt and no GST is charged on the supply.4.5 Place of Supply (Section 17(1), GST Act)The place of supply is important as only supplies made in Belize aretaxable. A supply is considered to take place within Belize if:a) the supplier is resident in Belize; orb) the goods are in Belize at the time of the supply; orc) the services are performed by a person who is in Belize at thetime the services are performed.Generally a supply is not regarded as taking place in Belize if thesupplier is not resident in Belize4.6 Time of Supply (Section 18(1), GST Act)The time of supply identifies the tax period in which a transaction isto be taxed. The tax period is one calendar month for which aregistered person is to account for the taxThe general rule is that a supply takes place at the earliest of thefollowing:(a) the date the invoice is issued(b) the date of payment or(c)the date when the goods are made available or in the case ofservices, when the services are supplied.Exceptions to the above are as follows:12
Page 2: GST 300TheGSTGuide
Page 5 and 6: Chapter 12 Obligations of a Registe
Page 8: HOW THE GST WORKSGST chargedon sale
Page 11 and 12: CHAPTER 2GST ON SUPPLY2.1 GST is ch
Page 13: CHAPTER 3REGISTRATION3.1 Compulsory
Page 18 and 19: (a) Where supplies are made under a
Page 20 and 21: CHAPTER 5ACCOUNTING FOR GST (SECTIO
Page 22 and 23: 5.6 Adjustments to Output TaxThere
Page 24 and 25: CHAPTER SIXGST RETURNS, PAYMENTS AN
Page 26 and 27: CHAPTER SEVENASSESSMENTS7.1 Assessm
Page 28 and 29: CHAPTER EIGHTAMMENDMENT OF AN ASSES
Page 30 and 31: Examples of the books and records i
Page 32 and 33: (e) an identifying serial number an
Page 34 and 35: Remember that to claim GST, it is n
Page 36 and 37: CHAPTER ELEVENOBJECTIONS AND APPEAL
Page 38 and 39: 12.5 Payments (Section 35(1), GST A
Page 40 and 41: 4. Buyer’s TIN - Taxpayer Identif
Page 42 and 43: 4. Supplier TIN - Taxpayer Identifi
Page 44 and 45: NOTES:In this section of the form y
Page 46 and 47: 210 Value of Domestic Standard Rate
Page 48: 390 Total GST PaidAdd the figures e

The GST Guide - The Belize Department of General Sales Tax

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