Tax (Amendment) Bill to assist small business

MINISTER of Natural Resources Raphael Trotman presented a Tax (Amendment) Bill aimed at creating a provision for small businesses to be issued with provisional licences.

The Bill, which Trotman presented to the House on Friday on behalf of Minister of Finance Winston Jordan, will amend Section 71 of the Principal Act by the insertion of a sub-section 4, when passed.

The proposed sub-section reads: “Notwithstanding anything to the contrary provided in this Act, the commissioner may issue, to a person who has applied to the commissioner for a licence, a provisional licence for a period of not more than two years, and for a fee of 50 percent of the respective annual licence fee, where it can be shown that the application for the licence is in process and all efforts are being made to satisfy requirements therefor.”
The Explanatory Memorandum explains that the Bill seeks to empower the Guyana Revenue Authority (GRA) to assist small businesses in the start-up their operations, pending the grant of such permits as building permits and fire permits.

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