And while the court has its interpretation, those who are on the ground dealing with land transactions know that stamp duty evasion is a major means of tax evasion. That's because land sales at a price of lower than 20 thousand dollars do not trigger an obligation to these taxes.
Today, when we asked Senior Counsel Marshalleck if buyers and sellers can understate the value of a property to avoid paying stamp duties, he told us that they would be guilty of an easily detectable fraud. Here's how he explained why:
Reporter
"Sir, I've heard the opinion that parties intentionally understate the value of the property to avoid paying stamp duties. You've suggested to me that that cannot be the norm."
E. Andrew Marshalleck, SC
"What you describe is a fraud and a crime. You're suggesting to me that the vast majority of Belizeans engaging in land transactions are disposed to committing offenses. I find that hard to believe."
"The vast majority of land deals and believes that we see finance through the banks. There's no way the bank is going to participate in any scheme to undermine the value unless the value of their security. It would undermine their own security interests."
