Business Tax Registration
Applicable audience:
All businesses must register at Income Tax Department to obtain a Taxpayer Identification to pay tax. These businesses include sole proprietorship, companies and partnerships.
The following persons/entities are subject to payment of Business Tax:
- Persons carrying on a trade or business, who earn $75,000.00 or more per annum where such receipts are the only source of livelihood of the person;
- Persons practicing a self-employed profession or vocation, earning $20,000.00 or more per annum where such receipts are the only source of livelihood of the person;
- Persons engaged in the business of investment or earnings from real or personal property;
- Persons engaged in the provision of personal services, including Tour Operators, Travel Agents and other Commission Agents.
Business Tax Schedule
| Source of Income |
Rate of Business Tax |
| Receipts from radio, on air television and newspaper business |
0.75% |
| Receipts from domestic airline business |
1.75% |
| Receipts from service stations for fuel and lubricants |
0.75% |
| Receipts for other trade, trade and business |
1.75% |
| Rents, royalties, premiums and any other receipts from real property (excluding the receipts from Real Estate Business) |
3% |
| Receipts from a profession, vocation or occupation |
6% |
| Receipts from an insurance company licensed under the Insurance Act |
1.75% |
| Commissions (more than $25,000), royalties, discounts, dividends winnings from lotteries, slot machines, and table games and interest on loans paid to non-residents |
15% |
| Commissions of less than $25,000.00 per annum |
5% |
| Receipts of a financial institution under the Banks and Financial Institutions Act |
15% |
| Receipt of a financial institution within a PIC Group |
8% |
- Management fees, rental of plant and equipment and charges for technical services:
- Paid to a non-resident
|
- 25%
- Rate depends on profession, business etc
|
| Receipts of entities providing telecommunications services |
19% |
| Gross earnings from Casinos or licensed gaming premises |
15% |
| Gross earnings from real estate business |
15% |
Procedure on Business Tax Registration:
- For companies, the applicant completes and submits the TR121A – Business Registration for Non-Individual application form to the officer at the front desk of the Income Tax Department along with: Certificate of Incorporation, copy of Articles of Association, copy of Memorandum of Association, copy of Trade License, and TR111 Individual Registration form for each employee.
- For the self-employed, a TR121B – Registration of Individual Enterprise form is completed and the following documents submitted: TR111 – (Registration Individual), copy of Trade License, copy of Certificate of Business Registration, and Personal Identification Card, and TR111 Individual Registration form for each employee.
- The Assessor inputs the data from the application form into the system which automatically generates a Tax Identification Number (TIN) for the applicant. (This TIN is used for General Sales Tax, Customs & Excise Department registration).
- The Assessor issues the TIN to the applicant.
Income Tax Department
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