All persons who own or operate a business large or small are reminded of their obligation to register their business with the Inland Revenue Department by law under Section 65 A of Income Tax Act, Section 3 A of the Annual Stamp Tax Act and Section 57 of the General Consumption Tax Act.
When registering a business with the Inland Revenue Department you are reminded of the following:
- Individual enterprises and partnerships must present a Registration of Business Name Certificate from the Supreme Court Registry.
- For partnerships, documentation from the Registry showing proof of partnership must accompany the Business Name Certificate.
- When companies are registered the Certificate of Incorporation along with the Articles of Incorporation and the Memorandum of Association are required.
The Inland Revenue Department registration forms should be duly completed and signed by the owner of the business. The registration process takes at least two days.
The business public is also reminded of the consequences for not registering their business:
- Taxes will be payable to the Inland Revenue Department for the years the business was in operation up to a maximum of six (6) years
- Concessions will not be granted by the Grenada Industrial Development Corporation
- Inconvenience at Customs when attempting to clear goods.
All concerned are asked to take note.
Comptroller (AG)
Inland Revenue Division
March 2009