Some in the services sector are holding their heads and waiting for the consequences after Belize was today blacklisted by the European Union.
Today the European Union issued an updated list of "non-cooperative jurisdictions for tax purposes" and Belize is on it.
Government has issued a statement saying it, quote, "rejects as false the designation of Belize by the EU."
It says the classification leads to "erroneous conclusions being drawn about Belize's commitment to work with its global partners in establishing a modern and fair international tax framework."
They add that before taking its decision, "the EU failed to engage Belize on this matter."
The British based social justice group named OXFAM called it a nonsense exercise, saying, quote, "The list is toothless. It leaves off the hook zero tax countries like the British Virgin Islands and fails to screen countries like the US and the UK along with EU tax havens like Luxembourg and Malta."
