The Davis Tax Committee: Small and Medium Enterprises: Taxation Considerations, Interim Report, July 2014 was released earlier today for public comment.
In essence, the report covers the following:
- The role of SMEs in the economy;
- The definition of a small business;
- Challenges facing SMEs, especially the tax compliance burden;
- A review of income tax incentives for ‘small business corporations’;
- A review of the income tax incentive for ‘venture capital companies’ to fund small businesses;
- A review of the alternative presumptive turnover tax system for ‘micro businesses’;
- A review of the Value-Added Tax requirements for SMEs;
- The impact of the new Employment Tax Incentive on SMEs.
The SAIT will be making a submission to the Davis Tax Committee on the interim report. It is requested that all comments be sent to firstname.lastname@example.org by no later than close of business on 27 August 2014.