The Belize Trade and Investment Development Services (BELTRAIDE) administers an Auto Policy under the Fiscal Incentives Program of the Government of Belize, which believes it is important to establish and maintain high standards and quality service in the auto industry.
Therefore, BELTRAIDE, with extensive consultation with the auto rental industry and key government stakeholders and at the urging of the Government of Belize, has developed an Auto Policy that provides clearly outlined definitions of vehicles under which concession holders may apply.
Vehicles are defined as watercrafts, trucks, ATVs, golf carts, bicycles, scooters, motorcycles, and any other mechanical means of transportation.
Approved Enterprise Order (AEO) Holders outside of the auto rental industry are not allowed duty free importation of management vehicles.
All vehicles acquired under the Programme must not be more than five (5) years from the date of manufacture.
All vehicles acquired under the Programme must pay relevant customs duties on the fifth year of the manufactured date. The Customs duties will be payable directly to the Customs Department, and will be calculated at the current value of the vehicle at the time duties are payable.
Transport vehicles, which are allowed under the Fiscal Incentives Program, are classified as vehicles used for the transportation of goods/products by the business and as it relates to the tourism industry, the transportation of guests.
Such vehicles include delivery trucks, tankers, pick-up trucks, and vans. SUV’s are reserved solely for the Auto Rental Industry.
Utility vehicles are also allowed. These vehicles used for a specific business task without which the company would not be able to operate.
However, management vehicles are NOT allowed in the program. These vehicles are used solely for employees in managerial posts e.g. SUV’s and are therefore not allowed.
Also, salvaged vehicles are NOT allowed. These are vehicles bearing titles “for scrap/metal parts use only”, “salvage”, “non-repairable”, “junk”, or any title of equivalent terminology that implies that the vehicle has been damaged or is beyond the repairable value or is written off as a total loss by the insurer whether by damage or theft.
In next week’s issue we will cover Watercrafts/Boats and Aircrafts and also the conditions under which Cabinet may approve your Fiscal Incentives.
For more information, please contact BELTRAIDE at 822-3737/0175 or email [email protected]