By Breaking Belize News Staff: Thousands of small businesses across Belize could soon benefit from significantly reduced taxes, licensing fees and registration requirements under new legislation introduced by Prime Minister John Briceño during today’s House sitting.
The Micro-Enterprise and Entrepreneur Support Bill, 2026, proposes a simplified annual flat-tax fee system that would allow qualifying microenterprises to pay between $150 and $850 annually instead of existing business tax charges.
Under the proposed system, businesses with annual sales below $75,000 would pay just $150, while those earning between $75,000 and $100,000 would pay $250.
Businesses with annual sales between $100,000 and $125,000 would pay $350, those earning between $125,000 and $150,000 would pay $500, and those earning between $150,000 and $175,000 would pay $650.
The highest category, covering annual sales between $175,000 and $200,000, would pay $850.
Briceño said the simplified system is intended to reduce the financial and administrative burden faced by small entrepreneurs, many of whom operate businesses with limited staff and resources.
The legislation would also provide qualifying microenterprises with a 50% reduction in certain business name registration fees, annual renewal charges and trade licensing fees collected by municipalities and the Ministry of Rural Transformation.
Additionally, participating businesses would be eligible for fiscal incentives, including proposed GST exemptions on imported machinery, equipment, packaging, labels and certain agricultural and industrial inputs.
To qualify, businesses would need to meet the programme’s eligibility requirements and have registered business names. The Prime Minister explained that incorporated companies would not qualify under the proposed arrangement.
The legislation provides for the establishment of a Micro-Enterprise Registration Committee and a Micro-Enterprise Register, supported by a proposed Micro-Enterprise Support Unit to assist entrepreneurs with registration, compliance, training and navigating government requirements.
Instead of submitting separate reports to multiple government agencies, registered microenterprises would be able to file one simplified annual report and make payments through a centralized electronic system.
Briceño explained that the system would allow entrepreneurs to complete their requirements using a mobile phone or computer without having to travel to Belmopan.
Businesses would be required to renew their registration annually to remain eligible for the benefits.
The Prime Minister said micro, small and medium-sized enterprises account for approximately 90% of enterprises in Belize and provide employment for roughly half of the workforce.
He also revealed that more than 7,100 microbusinesses have been formalized through the government’s business tax amnesty programme, with more than 80% subsequently reporting their revenues to tax authorities.
Briceño said the proposed changes would make it easier for entrepreneurs to enter the formal economy, encourage business expansion and create employment.
The bill was referred to the Finance and Economic Development Committee for examination, consideration and report.
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By Breaking Belize News Staff: Thousands of small businesses across Belize could soon benefit from significantly reduced taxes, licensing fees and registration requirements under new legislation introduced by Prime Minister John Briceño during today’s House sitting. The Micro-Enterprise and Entrepreneur Support Bill, 2026, proposes a simplified annual flat-tax fee system that would allow qualifying microenterprises
The post Small businesses could pay as little as $150 annually in taxes and get 50% reduction in licensing fees under new bill appeared first on Belize News and Opinion on www.breakingbelizenews.com.
