| Business license renewals on hold | | Print | |
| Thursday, 03 March 2011 12:36 | |||
 The government got savvy this week, warding off those who were looking to jump the gun and renew their business licenses before new fee increases take effect. The government made known last week through the release of details on the current revenue study that it is considering increasing all fees in an effort to help close a $55 million budget deficit. On Tuesday, March 1, the Revenue Control Unit of the Ministry of Finance released a public notice saying no applications for new or renewed business licenses would be processed until a review of government fees has been completed. “Business license fees for the 2011-12 year with respect to new and renewed businesses are being reviewed. Applications for new or renewed business licenses cannot be processed until the changes to the systems and legislation have been completed,” he release stated. The rates introduced in 1996 have never been adjusted, though there has been 36 percent inflation, according to the revenue study, which recommends an overall 35 percent increase, with a minimum fee of $300. “Accordingly all business license holders who are looking forward to continuing their operations in the Turks and Caicos Islands during the 2011-12 fiscal year are reminded that their business licenses can only be renewed during April and must be renewed by April 28, 2011.” In the meantime, the Revenue Control Unit (RCU) says it is advising businesses that requests for new or renewed 2011-2012 business licenses will be processed as soon as all systems and legislation associated with the updated fees are completed. “Current business license holders and new applicants will be advised accordingly as to when applications will be received by the RCU. The RCU will also publish a schedule containing the details of the new fees.” In addition, the RCU is also warning all businesses that their licenses cannot be renewed until all arrears associated with these licenses are cleared. Beyond the increase in fees, the revenue study proposed a reduction in the number of fees as well as a more efficient charges and fees system. Changes also are expected in the classification of businesses based on economic sectors such as primary, secondary and services in addition to the size of businesses such as small, medium and large. All business licenses are granted based on the fiscal year ending on March 31. This means all licenses across the nation will be up for renewal at the end of the month.
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