Taxes, Fines and Penalties – BL

Business licence tax payable for a new business is $100; other than temporary businesses, occasional businesses and non-resident businesses. Tax payable for existing businesses vary based on the type of business and their turnover. Please refer to the Tax Schedule as at 1st July, 2015 below:

Business Licence Late fees implemented July 1, 2015; amended 1st July, 2017

• Filing for renewals of business licences are due on or before 31st January for the succeeding year
• $100 fee for late filing of renewal application
• Business licence taxes are payable by 31st March for the succeeding year
• 10% of tax liability for late payment of business licence
• 5% interest per annum on tax liability overdue 30 days or more (amendment 2017)
• Notification of inactivation or cessation of a business is due within fourteen days of inactivation or cessation of a business but no later than 31st December of the year the licence was issued.
• $100 fee for late notification of inactivation or cessation of business