First Category: Individual businesses without employees (50% of 12,000) = 6,000 individuals Registration as a Merchant / Registration with the Income Municipal Licensing Chamber Membership Company and Sales Tax Dept. Does not require registration Requires registration as an individual Requires licensing / notification system Requires membership (individual professions) (tax number) Fee: JD 10 No fees Impact: JD 60,000 a year Employment Opportunities Expected Monthly Salary Social Security Income Tax / Individuals – Business Owners 50% women, 40% youth, 10% other JD 300 a month = 3,600 a year Requires subscription Requires registration as an individual (tax number) Deduction 21% = JD 63 Tax-free income Impact: 6,000 employment Impact: JD 21 million in Impact: JD 4.5 million a year opportunities household income 2.8 million at minimum wage 13.6 at minimum wage Employment Opportunities - Employees No other individuals are required to be employed on a full-time formal basis. Does the Individual have Access Can He Rent an Office? Businesses to be Moved to a Expected Annual Rent to Funding? Commercial Location Does not have access to sufficient Cannot afford the start-up cost Expected percentage: 5% of the category Estimated rent = JD 2,000 funding to the business = 300 individuals Within 3 of commencement of Impact: JD 600,000 business Half rent: JD 300,000
First Category: Individual businesses without employees (50% of 12,000) = 6,000 individuals Registration as a Merchant / Company Registration with the Income and Sales Tax Dept. Municipal Licensing Chamber Membership Does not require registration (individual professions) Requires registration as an individual (tax number) Requires licensing / notification system Requires membership Fee: JD 10 No fees Impact: JD 60,000 a year Employment Opportunities – Business Owners Expected Monthly Salary Social Security Income Tax / Individuals 50% women, 40% youth, 10% other JD 300 a month = 3,600 a year Requires subscription Requires registration as an individual (tax number) Deduction 21% = JD 63 Tax-free income Impact: 6,000 employment opportunities Impact: JD 21 million in household income 13.6 at minimum wage Impact: JD 4.5 million a year 2.8 million at minimum wage Employment Opportunities - Employees No other individuals are required to be employed on a full-time formal basis. Does the Individual have Access to Funding? Can He Rent an Office? Businesses to be Moved to a Commercial Location Expected Annual Rent Does not have access to sufficient funding to the business Cannot afford the start-up cost Expected percentage: 5% of the category = 300 individuals Estimated rent = JD 2,000 Within 3 of commencement of business Impact: JD 600,000 Half rent: JD 300,000
Attachment%20J%20%E2%80%93%20HBB%20Assessment%20and%20Policy%20Report.docx