Cabinet to Look at Proposed MSMEs Flat Tax Soon


Minister of Finance and the Public Service, Hon. Audley Shaw, has said that Cabinet will meet soon to consider the proposal to introduce a flat tax for micro, small and medium-sized enterprises (MSMEs).
The Minister, who was closing the 2010/11 Budget Debate in the House of Representatives today (April 21), said that the move aims to address concerns regarding the ease of paying taxes and tax compliance among small business operators.
“The Government believes that supporting MSMEs and investing in our entrepreneurs is the way to grow the economy. It is against this background that Government has concentrated heavily on creating an enabling environment for MSMEs to flourish and unlock their potential,” he stated.
The measure is expected to complement the increased loan facilities announced by Prime Minister, Hon. Bruce Golding for the sector, which would be made available through the Development Bank of Jamaica (DBJ).
The DBJ will now have an additional $2 billion to lend to small business operators.

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