Opposition Spokesman on Industry, Investment and Competitiveness, Peter Bunting, is calling for less red tape in the process of small and micro businesses being deemed compliant.
Mr. Bunting was making his contribution to the Sectoral Debate in the House of Representatives yesterday.
He noted that the bureaucracy which small businesses have to encounter in order to obtain relevant licenses or become tax compliant has driven many entities into the informal sector.
In the meantime, Mr. Bunting is recommending that the GCT turnover threshold be increased from $3-million to $36-million.
This, in a bid to remove barriers related to tax compliance which are affecting the micro, small and medium-sized enterprise, MSME, sector.
Mr. Bunting says any business that does not have a turnover of at least $3-million per month may face significant challenges in meeting all the current tax compliance requirements.
Bunting says he has had discussions with Finance Minister, Dr. Nigel Clarke, on the issue. He says Dr. Clarke agreed in principle that there’s a need to increase the GCT turnover threshold