Department of Inland Revenue Enforcing Business Licences Penalties and Surcharges

Posted on: November 10, 2015

November 8th, 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 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,
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.

 



All News

Real Property Tax Notice of Assessment 2020

In accordance with the Real Property Tax Act, Chapter 375 as amended, the Chief Valuation Officer has hereby given the 2020 RPT Notice Click the link below to see the Real Property Tax Notice 2020. https://inlandrevenue.finance.gov.bs/wp-content/uploads/2019/10/RPT-Notice-2020.pdf  

Advisory Regarding VAT Payments on Insurance Claims

Department of Inland Revenue’s Advisory regarding VAT Payments on Insurance Claims The Department of Inland Revenue advises the general public that VAT is not charged on insurance claims. Click link below for full press release Press Release – VAT on Insurance

VAT Filing Extension & Business Licence Suspension (Abaco & Grand Bahama)

In the aftermath of Hurricane Dorian, The Department of Inland Revenue wishes to advise all VAT registrants operating businesses on Abaco, the Abaco Cays and/or Grand Bahama that the filing of VAT returns due September 21, 2019 and October 21, 2019 have now been extended until November 30, 2019; for businesses requiring an extension. Click the link below for full…

New Year to bring several ‘ease of doing business’ reforms for starting a new business

The Ministry of Finance will roll out a provisional business license in the New Year to significantly reduce the time it takes to start a new business. This addition was approved by Parliament during the 2018/2019 budget exercise, and will be implemented by the Department of Inland Revenue in the first quarter of 2019. Click…

Inland Revenue Open on Saturdays in January

The Department of Inland Revenue is opening its Client Services Centre on Saturdays for the month of January to support businesses applying for business licence renewals. Click the link below for the full Press Release Press Release – Inland Revenue open on Saturdays in January