New Year fines for owners who fail to renew TBLs

| 22/11/2016 | 2 Comments

(CNS Business): Owners who are operating businesses using expired licences will be subject to fines under the Trade and Business Licensing Law (TBL) in the New Year, the Department of Commerce and Investment has warned. Government will be clamping down in January and businesses owners who allow their licences to expire without renewing on a timely basis will be penalized.

“The TBL aims to create fair competition and we are encouraging everyone to abide by the law and comply with their business licensing obligations,” said Director Ryan Rajkumarsingh.

Section 23 (2) of the TBL law addresses persons operating with expired licences. Unless waived by the board, a licensee who fails to pay the renewal fee within 28 days after the expiry date of the licence must pay a surcharge not exceeding 25 percent of their renewal fee. The surcharge increases every month or part of a month that the renewal fee is not paid.

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Category: Local Business

Comments (2)

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  1. Anonymous says:

    What about enfurcung all the under the table small businesses that operate without a licence? When will that happen?

  2. Anonymous says:

    That’s fine. As long as I can keep pretending a Caymanian really owns 60% of my business I’ll pay your silly little tax.

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