Photo of the Remarkables mountain range in Queenstown, New Zealand.

Micro business fee waiver extended for another year

| 04/09/2015 | 1 Comment

micro business(CNS Business): Owners of micro business or would-be entrepreneurs planning to start one can look forward to another year of reduced fees now that Cabinet has extended the waiver for very small businesses across all three islands, as well as the 50-75% reduction for small businesses. Commerce Minister Wayne Panton recently lauded the success of the waiver as he said it had led to the creation of a significant number of new small enterprises. As a result, a decision was made to extend the fee cuts for another twelve months.

Given the importance of small businesses to the economy and employment, Panton said that helping them to be stronger would in turn help generate jobs. He recently revealed in the Legislative Assembly that the number of trade and business licenses issued during the 2014/15 year were double that of the previous financial year, from just over 700 to more than 1,400, which he said showed that the tax break on small businesses was working, even though it cost the public purse some $1.4 million.

The amendment to the regulations was gazetted last month and will last until the end of August 2016. The document explains the definition of micro business as one that is for profit, is independently owned and operated, with close control of operations and decisions by the owners and not a subsidiary of another company. It cannot employ more than four people or exceed annual earnings of $250,000. A small business is similar but employs up to twelve people and earns up to $750,000 per annum.

Small businesses located in George Town, West Bay and the Sister Islands will pay 50% of the prescribed fee, while those in East End, North Side and Bodden Town are entitled to a 75% discount. All micro businesses in every district have been given a 100% tax cut.

Tags: ,

Category: Local Business, Small Business

Comments (1)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    Awesome, can we get CIMA to do something similar for people wanting to set up their own regulated services businesses?

Leave a Reply to Anonymous Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.