Saturday, April 1, 2023
Village Voice News
ADVERTISEMENT
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
Village Voice News
No Result
View All Result
Home News

National Assembly passes Small Business (Amendment) Bill

Staff Reporter by Staff Reporter
February 13, 2021
in News
Minister of Tourism Industry and Commerce, Hon. Oneidge Walrond

Minister of Tourism Industry and Commerce, Hon. Oneidge Walrond

0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Support Village Voice News With a Donation of Your Choice.

Minister of Tourism Industry and Commerce, Hon. Oneidge Walrond

(DPI) The National Assembly has passed the Small Business (Amendment) Bill 2020, expanding the criteria which allows an entity to be classified as a small business.

Minister of Tourism, Industry and Commerce, Hon. Oneidge Walrond presented the Bill for a second and third reading in the House on Thursday.

READ ALSO

Body of Rosehall Estate worker fished out of Canje River

Guyana participated in 2nd stage of School Feeding Course for Caribbean

The amendment ensures that once a business employs a maximum of 25 persons, has a gross annual revenue of not more than $60 million, and total business assets of not more than $25 million, it can be classified a small business.

Minister Walrond explained that the amendment requires a business to satisfy all three of the criteria to be designated a small business, where previously, small businesses only had to satisfy two.

Advertisement

“Consider the hypothetical case Mr. Speaker…Business ‘A’ has 16 employees, which is below 25, it has $19 million in assets and $40 million in revolving funds annually. And then, Business ‘B’ that has the same 16 employees, the same $19 million in assets, but $250 million in annual profits. Clearly, in this scenario one is at a financial disadvantage, but both businesses would have qualified under this regime,” she said.

The amendment, therefore, levels the playing field for all the businesses in the same category. In other words, this class of business would now be broadly similar and would be able to compete with the new provisions.

It also now stipulates that a declaration of qualification must be supported by evidence. Applicants would be required to provide evidence such as financial statements and records of statutory deductions of qualification, prior to being recommended for approval.

Member of Parliament, Hon. Yvonne Pearson

“By this, we intend to remove opportunities whereby business that are not genuine small businesses, become so registered and we revert to the status quo where larger enterprises crowd out the smaller ones to the detriment of the latter,” Minister Walrond said.

Additionally, an amendment removes the power of the Minister to declare a business an “approved small business” and places this power in the hands of the Council which, once constituted, would comprise individuals with a wide range of relevant competencies.

The Council will exercise this power on the advice of the Small Business Bureau.

Meanwhile, Government Member of Parliament (MP) Hon. Yvonne Pearson reminded the National Assembly that the Small Business Bill was first brought to the House under the PPP/C Administration during the Eighth Parliament.

MP Pearson said the Small Business (Amendment) Bill 2020 would have a great impact on hinterland and Amerindian peoples, empowering them to be able to qualify for contracts, which would otherwise have gone to contractors from the coastland.

Minister of Local Government and Regional Development, Hon. Nigel Dharamlall, Minister of Culture, Youth and Sport, Hon. Charles Ramson Jr and Minister of Labour, Hon. Joseph Hamilton also supported the Bill.



Support Village Voice News With a Donation of Your Choice



ShareTweetSendShareSend

Related Posts

Nohar Singh
News

Body of Rosehall Estate worker fished out of Canje River

by Admin
April 1, 2023

The body of a Rosehall Estate worker was Friday morning fished out of the Canje River. The man has since...

Read more
News

Guyana participated in 2nd stage of School Feeding Course for Caribbean

by Admin
April 1, 2023

Promoted by the school feeding project of the Brazil-FAO International Cooperation, the delegation participated in dialogues, field visits and concluded...

Read more
Shadow Attorney General and Minister of Legal Affairs Roysdale Forde S.C, MP
News

Senior Counsel Forde says Justice Persaud’s ruling on Slowe’s suspension significant

by Admin
April 1, 2023

On 24th March, High Court Judge Gino Persaud ruled President Irfaan Ali violated the Constitution of Guyana when he suspended retired...

Read more
Next Post
Rohit Sharma's 161 puts hosts on top in Chennai

Rohit Sharma's 161 puts hosts on top in Chennai

EDITOR'S PICK

Politics 101 with Dr. David Hinds

May 22, 2021

GBTI closes Lethem branch due to Covid-19

July 14, 2021

BUILD YOUR NETWORK?

October 17, 2021

I am happy Paul Slowe initiated legal actions against the SOCU officers

October 26, 2021

© 2022 Village Voice | Developed by Ink Creative Agency

No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us

© 2022 Village Voice | Developed by Ink Creative Agency