MSMEs can now register with IRC

LAE Internal Revenue Commission (IRC) tax pay officer Ruth James says the launch of the Small Business Tax (SBT) regime means Micro Small Medium Enterprises (MSMEs) can now be registered with the IRC.“This will also help MSMEs to enjoy lower taxes,” she said.James said those qualified for SBT only had to pay a flat rate of a year.James said MSME and small business owners currently registered with IRC really benefit them and the government as well.“We are looking at the goods and services tax threshold of K250,000 and below,” she said. “When really looking at the MSMEs and small business owners, they are not qualified to be in the income tax regime.“So, with the Government and IRC identifying this, the SBT regime is to cater for them to file annual tax returns and make an annual tax payment which is at the concessional rate fixed at K250 per annum,” she added.She said the SBT covered MSMEs that earned a threshold about K1 to K60,000 and the small business category between K60,000 and K250,000.“It is really of benefit to the MSMEs and small business tax payers and is breathing room for them. They get to make money and pay their fair share of tax. Morobe has about 3,000 plus traders who are registered and with the new SBT, we can identify those who are still out there and yet to be regis