On Wednesday, May 27th, 2015, the Prime Minister presented the
2015/2016 Budget to the House of Assembly. In it the Government
announced that effective July 1st, 2015 there will be several
significant changes to the Business Licence regime. These impending
changes appear in the draft Business Licence (Amendment) Bill, 2015
(the "Bill"), and are summarized below:
Penalty for late payment
Businesses that pay their business licence taxes late (i.e.
after 31st March in any year) must now pay a penalty of 10% of the
tax payable.
New fees for late filings
Licensees who fail to make the required filings or payments by
the dates prescribed in section Three (3) of the Business Licence
Act (the "Act") will be required to pay the following
newly introduced fees:
