Accounting in Belize: standards, taxes and GoSoft
Accounting guide for Belize: Belize Tax Service (BTS), GST 12,5 %, accounting framework, books, e-invoicing, tax returns and how to set up GoSoft.
Key facts
| Item | Detail |
|---|---|
| Tax authority | Belize Tax Service (BTS) |
| Currency | BZD · Belize dollar |
| Tax ID | TIN |
| Consumption tax | GST · 12,5 % |
| Fiscal year | Calendar year (January 1 to December 31). |
| E-invoicing | No mandatory e-invoicing; invoices must meet GST requirements. |
Accounting framework
IFRS for SMEs (IASB); public-interest entities apply full IFRS.
Chart of accounts
There is no mandatory chart of accounts: the company defines it according to its framework. GoSoft ships a base chart you can adapt.
Financial statements
In Belize the four statements are presented with these names (GoSoft uses them in its reports and PDFs):
- Statement of financial position
- Income statement
- Statement of changes in equity
- Statement of cash flows
Mandatory books and records
Journal, General Ledger and Inventory and Balance book (or their electronic equivalents), with the supporting documents for every entry.
Periodic tax returns
Monthly GST return and business tax on receipts.
What you need to know
- General GST is 12.5 %; the currency is pegged to the US dollar (2 BZD = 1 USD).
Taxes and withholdings in GoSoft
These are the reference taxes and withholdings GoSoft loads for Belize. You adjust them in Taxes and withholdings (rate, minimum base and ledger account).
| Code | Name | Type | Applies to | Rate |
|---|---|---|---|---|
GST12.5 | GST 12.5% | VAT | sales and purchases | 12.5 % |
How to set up GoSoft for Belize
In My company, choose the country Belize and the currency BZD.
When you log in again, GoSoft shows Updating the accounting setup for Belize: it codes the chart of accounts, loads the country's taxes and checks the settings. It happens only once.
In Chart of accounts → Options, review the coding and download the chart as a PDF for your accountant to approve.
In Financial reports → Taxes and withholdings, confirm the rates and choose the ledger account for each tax.
Record activity (manually or from the modules) and use Tax returns to prepare each period's drafts.
Rates and deadlines change. Before filing, confirm what is current at Belize Tax Service (BTS) and with your accountant.