The Revenue Department in the Ministry of Finance would like to inform the public that Cabinet at its recent meeting approved the following:
• The Business Licensing (Amendment) (No.3) Regulations 2014 amended Schedule 2 to the Business Licensing Regulations (hereinafter referred to as the Regulations) by revising certain fees in respect of business licences. Schedule 3 and 4 of the Regulations have also been amended (1) to revise certain business activities that were reserved for Belonger businesses and (2) to require that business activities which are categorized as restricted will now require consultation with Cabinet before a decision is made to grant or not grant a licence.
• The Business Licensing (Extension of Time) Regulations 2014 which extends the period for businesses to pay the annual licensing fee for the renewal of license for the year 2014/15 to 31st August, 2014. The 10% penalty for the late renewal of licenses have also been waived for this period.
• The Business Licensing (Amendment) (No.2) Regulations 2014 which provides a new business licence application form and introduces an application form for the renewal of a business licence.
There will be a reduction in fees for certain business activities as a direct result of the amendments to Schedule 2 of the Business Licensing (Amendment) Regulations.
