What is Business Income Tax (BIT) & Corporate Income Tax (CIT)

Every business or company must register with the Regional Revenue & Customs Office where the business is situated within 30 days from the date of obtaining any license from the Ministry of Trade & Industry.

Business Identifier Code (BIC)
The concerned Regional Revenue and Customs Office (RRCO) will allocate a Business Identifier Code (BIC) to the business unit or company at the time of registration. The BIC is a tax registration number, which must be quoted as a reference on all correspondences with the Department of Revenue and Customs (DRC) and RRCOs

Any changes in the details of registration must be reported to the concerned RRCO immediately. Examples of relevant changes would include:

• Change or transfer of ownership (including between family members)
• Change in nomenclature/location/address of the business
• Company or business closure
• Changing from a business to a company (or vice-versa)
• Changing from sole proprietorship to partnership
• Change of major share holdings
• Amalgamation of companies