July11th, 2016 (Nassau, Bahamas) – The public and business owners are reminded that businesses operating without a current business license are doing so illegally.
Compliance officers from the Department of Inland Revenue (DIR) will be making checks in the coming weeks and offenders will be dealt with in accordance to the law.
The deadline for the submission of all 2016 business licence renewal applications was January 31st, 2016 and outstanding payments should have been made by March 31st, 2016. All applications and paid for after the deadlines will incur a late penalty fee.
To submit business license applications, you must register for a user account at vat.revenue.gov.bs and then proceed to fill out the online application.
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.