Section 22Part 5 — Trade Certificate
Validity of trade certificate and annual fee
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Subject to the voluntary surrender of a trade certificate under section 25 or suspension or revocation of a trade certificate under section 26, a trade certificate shall be valid for the period specified in the trade certificate.
A special economic zone enterprise shall, annually on or before every 31st January of every year after the first issuance of the trade certificate, pay to the general revenue of the Islands the prescribed annual fee in respect of the trade certificate.
A special economic zone enterprise who fails to pay the prescribed annual fee by the date specified in subsection (2) shall pay to the general revenue of the Islands a surcharge not exceeding one-twelfth of the prescribed annual fee for every month or part of a month that the prescribed annual fee is not paid.
If the prescribed annual fee referred to in subsection (2) is not paid, the unpaid prescribed annual fee may be sued for by the Government by action as a civil debt and the Authority may require, and the court may order, the payment of any surcharge accrued under subsection (3) in respect of the late payment of the prescribed annual fee.
Referenced By
- Section 29C — Annual return
section 22(2)