Custom Duties are applicable according to the rates set out in the Customs Tariff and Trade Classification, Chapter 48 Laws of Belize, First Schedule. The Belize Customs Tariff is modeled from the Harmonized Description and Coding System (HS).
The rates are applied based on the Customs Value (Cost, Insurance, Freight )- CIF).
Rates applicable ranges from 0 to 100% import duty with the majority of commodities attracting a rate of 20% import duty.
Goods in Primary Forms, Machinery and Parts, Raw Materials, Textile Fabric, Chemicals, Office Equipment (except Computers and Accessories - 0%) Hand Tools, attracts a rate of 0% or 5% import duty based on the customs value (except household tools - 20%).
Customs duties and taxes are collected based on the transaction value which is derived from the value stated on the invoice (once authenticated), receipt or other proof of purchase. The dollar value must be converted from the foreign currency stated on the proof of purchase document to Belize (bzcy) currency. The Belize currency is tied to the US dollar at $2.0175 bzcy to $1.00USD. Other foreign currency rates are subject to change and is updated weekly in conjunction with the Central Bank of Belize.
An exchange rate for the conversion of foreign currency to BZD is published weekly for the convenience of importers and customs brokers.
The rate of duty applicable to Motor Vehicles is according to the engine capacity in Motor Cars; according to the weight for Pickup and Trucks, and according to the seating capacity in Vans and Busses for Public Transport.
There are some items that attract a Revenue Replacement Duty (RRD) ranging from 5% to 40% based on the aggregate of the Customs Value and the Import Duties.