The Ministry of Finance announces that
with immediate effect the Business Licence Section of the Department of Inland
Revenue has implemented fast-track procedures to allow affected businesses and
organisations to complete the mandatory registration for VAT. Both first time applicants and those seeking
renewals for 2014, will be given conditional letters of approval, until they
have satisfied or been waived any other requirements for the issuance of a
business license certificate. Those
wanting to voluntarily register for VAT can also use these procedures.
Under the procedures business are being
allowed to pay their licence fee in full or to agree on a payment plan
arrangement and receive a 30 day letter of approval. They can use this letter to support their VAT
registration application. First time applicants of existing businesses, including
professionals, will be required to pay the license fee for 2014 and not the
$100 fee payable by new businesses.
If there are other requirements that must
be met, such as letters of good standing from the National Insurance Board,
oversight by professional bodies, or inspections that must be carried out by
other Government agencies, the applicants will have 30 days to complete those processes.
Once a business has met all other
licensing or renewal requirements, they would be issued their licence certificate.
Further inquiries can be made to the
Business Licensing Section, Department of Inland Revenue, Charlotte and Shirley
Street, at 1-242-325-1171.
The VAT registration process can be completed
by signing on to the government’s website at www.vat.revenue.gov.bs.
The applicant must first register for a user ID and then complete the
registration