Today at 5:41 AM Increase in Business License fees, Bad Idea, Fees should range from $100 to $500 and no more. Where the elected Members of the PDM Opposition and the PNP Government decide that the tripling and doubling of business license fees are a serious step in closing the Economy down and where these increases are somehow tied to the budget then the budget should not be supported. We now have in place Operation Close the TCI down. It is a bad idea. The measures will have the effect of closing the TCI economy down and keeping it dormant. They propose to collect an additional $2,200,00, 000 with these proposed increases. Yet by the time these increases go into effect many businesses in the TCI will have to close taking some $10 Million in potential revenue and investment from the local economy. The proposed increases are just not a good idea. A Government in self imposed and self inflicted financial constraints should not be using Business License fees as a source of revenue. At best it is shortsighted, bad thinking, bad planning and seeking new revenues from a declining source. Some businesses will close and others will not open up. Ministers, Members of Parliament, Blue Ribbon Commission, you should looking for ways to expand the economy. One way is for business license fees to start at $100 per annum at the lowest end and $500 at the highest end. After you have increased our taxes already, imposed NHIP at 6%, and we having to pay NIS at 8% we are already taxed too much. Next we have had our cost of living increased by 50% because of the Provo Stevedoring costs across the Board. Government you are making it difficult for people to start or carry on businesses and these tripling of business license fee measures across the board are designed to keep more and more businesses out of the TCI economy because people must close down as a result. Seeking an additional $2,200,000 from these measures is not good enough and will not place a dent in the debt profile. Business License Fees should range from $100 to $500 and no more. The proposed measures now usher in a process where we transition from indirect taxation to direct taxation with lawyers who will pay $10,000 based on the amount of employees that they have. This is where Government starts the process of prying into ones’ business. Just to collect $360,000. What a ridiculous idea. Next the increase for property developers will go from $5,400 to $10,000. Wow. Now hotels will be paying $50 per room. Most businesses will experience an additional $1,000 increase across the board and these costs will be passed to the consumer. Business License Fees should range from $100 to $500 and no more. An additional $2,200,000 cannot do anything to the debt, except in this case increase it because of the loss of business. The Government is really not planning with reasonable foresight. They are really doing things that would close the TCI further and send the message that “we are not ready for business”. Business license fees should be $100 across the board and then $500 for high end businesses. The Government wants to pay off debt. Debt that was acquired illegally, with British connivance, the inflated hospital deal, the unexplained payments and an ultra secret contract. Next they want to add to that debt by another $100 million, here and there, with the suit by the Conch Farm. What they are doing is making it more difficult to pay off the debt. Yes and $2,200,000 will not help us at all. In fact it could add to the debt. Is there any real pressing need to increase taxes? Why are business license fees and work permits being used as a source of new revenue? You are also not building new schools, new roads and there no new monies for scholarships. So why the increase in taxes Hon Ministers? The Opposition cannot stop these increases because the these increases come at the stroke of the pen of the Minister of Finance. Yet these increases, as ridiculous as they are, are all tied to the budget for which the Opposition, the PNP Back bench and Hon Appointed members can all decline to vote for. The message has to be that these measures are a bad idea. Look for new revenues in other areas as new investment and development comes in. Go after expanding the economy. Do not take your eyes off the Monies being spent on the hospital etc and the need to investigate that scam. Reduce Stamp duty rates on land sales, reduce taxes, expand the economy. These measures are bad, ill thought out, an idea to get a quick fix. These proposals are bad and cannot be supported because they will lead to further uncertainty, slowdown and economic collapse. Let us look for lower taxes and lower fees $100 to $500.
Posted on: Thu, 13 Mar 2014 14:51:48 +0000
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