Late filings for business licence will cause a fine of $100!

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coatofarmsbahamas_4The Department of Inland Revenue (CRA) reminds the public that fines and penalties are now being imposed as a result of the July 2015 amendment to the Business Licence Act.

The department also reminds the public that the deadline for filing business licence renewal applications is January 31st and the deadline for the payment of taxes is March 31st.

Penalties for late filing and payment will be imposed as follows:

$100 for late filing and late notification of inactivation or cessation of business;
10 per cent of the tax liability for late payment.

The department will begin receiving 2016 renewal applications online on January 1st 2016. To avoid fines and penalties, businesses should ensure that they submit their renewal applications on or before January 31st, 2016 and pay by March 31st, 2016.

For more information email taxinquiries@bahamas.gov.bs or contact the Department of Inland Revenue or (242) 461 – 8050.

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