In December 2018, Belize approved the International Business Companies (Amendment) Act 2018 to amend the International Business Company (IBC) regime, which was deemed harmful in relation to BEPS Action 5. The main change is that IBCs are no longer ring-fenced, with both residents and non-residents allowed to take part in the regime and IBCs no longer restricted from carrying on business with residents. With the changes, IBCs are no longer exempt from taxation and are now liable for both income tax and stamp duty and are required to file annual returns. Another important change is the introduction of new substance...