Department of Inland Revenue Enforcing Business Licences Penalties and Surcharges

November 8^th, 2015 (Nassau, Bahamas) – The 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 31^st and the deadline for the payment of taxes is March 31^st.

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 1^st 2016. To avoid fines and penalties, businesses should ensure that they submit their renewal applications on or before January 31^st, 2016 and pay by March 31^st, 2016.

For more information,
View the website at www.inlandrevenue.finance.gov.bs ,
Email taxinquiries@bahamas.gov.bs or

Contact the Department of Inland Revenue at (242) 461 – 8050.