New business

Rev & Tax Announces New Business License Fees | New

The Division of Revenue and Taxation has announced new annual business license fees which are effective July 12, 2022.

The changes to the licensing regulations were published in the Commonwealth Register on June 28, 2022, Revenue and Taxation said.

He also said that “temporary business licenses will only be issued for community and public events lasting no longer than thirty consecutive days. They cannot be transferred or renewed. The conditions of application provided for in § 70-40.1-105 do not apply to temporary commercial licenses. The conditions for applying for temporary business licenses must be set out in the application forms prescribed by the Ministry of Finance and Taxation. »

In addition, the annual business license fee for obtaining a business license for an additional location or line of business shall be pro-rated based on quarters of the calendar year.

New commercial licenses expire on the same date as existing commercial licenses and applicants are required to pay 25% of the annual fee for the quarter in which the application is submitted, plus 25% for each quarter remaining until the quarter in which the application is submitted. ‘expiry.

The quarters of the calendar year are as follows:

First quarter: from January 1 to March 31.

Second trimester: April 1 to June 30.

Third trimester: from July 1 to September 30.

Fourth quarter: from October 1 to December 31.

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The former commercial license fees under Public Law 11-73 were as follows:

Banks – $500.

Offshore banking – $1,000.

Security Resellers – $300.

Insurance company – $300.

Insurance Broker-$100.

Insurance agent-$75.

Utilities – $300.

Manufacturers-$50.

Wholesalers-$50.

Roadside vendors – $5.

Scuba diving instruction – $100.

Scuba diving tours – $100.

General Affairs-$50.

Amendment fees

Additional location-$50.

Additional line of business – $50 to $500.

Change of location-$20.

Change of corporate name-$20.

Add business name – $20.

Duplicate License – $20.

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Here are the new annual commercial license fees:

Agriculture, forestry, fishing and hunting – $100.

Mining, Quarrying, Oil and Gas – $100.

Utilities – $300.

Construction-$100.

Manufacture-$100.

Wholesale-$100.

Retail – $100.

Information industries – $300.

Commercial Banking – $500.

Offshore banking – $1,000.

Other financial intermediation activities through deposits and others – $300.

Securities, commodity contracts, other financial investments – $300.

Insurers/insurance companies – $300.

Insurance agencies, brokerages and other insurance-related activities-$100.

Funds, trusts and other financial vehicles – $100.

Real Estate-$100.

Rental and leasing-$100.

Professional, scientific and technical services – $100.

Management of companies and enterprises-$100.

Administrative and Support Services-$100.

Waste management and remediation services – $300.

Educational Services-$100.

Health care and social assistance – $300.

Accommodation – $100.

Food Service and Drinking Places – $100.

Other services (except public administration)-$100.

Temporary business license – $20.

Other expenses

Late filing fee – $10

Duplicate license fee – $20

Acceleration fee – $20

Amendment fees

Location change-$20

Business name change – $20

Add business name – $20