The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

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.

All business licences expired at the end of 2018, and renewal applications must be submitted online using the Online Tax Administration System (OTAS) by January 31, 2019, for companies to comply with the law.

Although this process can be completed independently, even using a mobile phone, the Client Services Centre will make computers and client representatives available to assist firms during this month.

The additional opening hours are part of the Government’s commitment to improve the ease of doing business through modernising, and incorporating technology, into its service delivery.

The Ministry of Finance has also simplified the business license renewal process and promised a turnaround time of less than five days for renewals.

“Our motto for ease of doing business is faster, easier and better. We are committed to delivering on this. First, we are delivering renewals in five days or less, once applications are complete. Second, we have significantly cut down the number of supporting documents needed during the renewal process. Third, we eliminated the fees for micro and small businesses earning less than $100,000 annually,” said Marlon Johnson, the Ministry of Finance’s financial secretary.

“We heard the cries from the business community and found ways to simplify and speed up the process, like eliminating the need for financial audits and compliance letters from the National Insurance Board (NIB). These changes are now in effect.”

While businesses are still required to be in good standing with all other relevant government agencies, including NIB and the Department of Environmental Health Services (DEHS), the simplified renewal process will be managed separately.

If the Department of Inland Revenue (DIR) is notified by any other government agency that a business is in breach of their requirements, this will result in the immediate suspension of a business license. Companies will have an opportunity to comply before a license is revoked.

“The process is going to be a lot easier, but I can assure you our enforcement efforts will be a lot more stringent,” said Mr Johnson. “Tax compliance is not negotiable, and businesses must ensure their declarations are true and correct to the best of their knowledge, and are in compliance with all of the stipulated requirements to operate their businesses.”

Micro and small businesses with an annual turnover of less than $100,000 must file an online application declaring their annual gross revenue. They will not be required to provide supporting documents, and will not be charged any fees.

Companies with an annual turnover in excess of $100,000 must provide the same online application, along with a letter from a licensed accountant verifying that their submission is correct. Fee payments are due by March 31, 2019.