December 21st, 2015 (Nassau, Bahamas) -The Department of Inland Revenue reminds the public that the renewal and payment for business licenses can only be done online.
All business licenses expire on December 31st, 2015 and applications must be renewed on or before January 31st, 2016 to avoid a late fee. Payment for renewing your business license must be received on or by March 31st, 2016 to avoid a late payment penalty.
There are several ways to pay when applying for or renewing your business licence using the Online Tax Administration System (OTAS):
- Via the Government of The Bahamas Online Tax Administration System
For convenience, your online tax account allows you to seamlessly file and pay business licence fees and VAT online any time. Log-in to your account and pay securely using your debit or credit card. Your Business Licence balance will be credited immediately. Check with your debit or credit card provider for restrictions, terms and conditions.
- Online Banking
Pay Business Licence fees as you do other bills using your bank’s online banking service. To set up
the payee, select Business Licence and ensure that your business licence number/Tax
Identification Number (TIN) is carefully entered. Contact your bank for additional instructions.
- Cash or Cheque at RBC
Pay Business Licence fees in person at any RBC branch by providing your TIN and the amount to be paid. You should specify to the teller that the payment is for Business Licence.
Only bankers and managers cheques will be accepted; no personal cheques will be accepted.
The addition of the business licence section to OTAS creates a convenient online experience for business owners and taxpayers. OTAS users can easily complete business licence and VAT registrations in one online environment, any place and anytime with internet access.