Gazette April 11, 2022 Part A CLVII No 39

Apr 11, 2022 | Part A

Act 2022-5: Road Traffic (Amendment) Act, 2022.

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S.I. 2022 No. 32: Declaration of Approved Small Business (BioConnect Medical Centre Inc.) Order, 2022.

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Printed and Published by

the Barbados Government Printing Department

11th April, 2022

S.I. 2022 No. 32

Small Business Development Act CAP. 318C

DECLARATION OF APPROVED SMALL BUSINESS (BIOCONNECT MEDICAL CENTRE INC.) ORDER, 2022

The Minister, in exercise of the powers conferred on him by section 4 of the

Small Business Development Act, makes the following Order:

  1. This Order may be cited as the Declaration of Approved SmallBusiness (BioConnect Medical Centre Inc.) Order, 2022.
  2. For the purposes of the Small Business Development Act, Cap. 318C,BioConnect Medical Centre Inc., a company incorporated under the Companies Act, Cap. 308 as Company No. 45826 and located at Sugar Mill House, The Hope in the parish of Saint George, is declared to be an approved small business.
  3. BioConnect Medical Centre Inc. is granted the following incentivesin respect of its business:
    1. the payment of corporation tax at a rate of 15 per cent on the profits of the business;
    2. exemption from import duty on raw materials and plant and equipment imported for use in the business;
    3. exemption from withholding tax on dividends and interest earned on any investment in an approved small business or in any fund approved for investment in small businesses;
    4. exemption from the payment of stamp duty under the Stamp Duty Act, Cap. 91 on all documents related to the business, where the registration of those documents is required by law; and
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    5. a deduction of corporation tax of an amount equal to 20 per cent of the actual expenditure incurred in respect of the use of technology, market research and any other activity that is, in the opinion of the Revenue Commissioner, directly related to the development of the business.

Made by the Minister this 31st day of March, 2022.

K. D. SYMMONDS

Minister responsible for Business Development