NSBI Approves Payroll Rebate

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for MobSquad. The company’s new Halifax office is projected to employ up to 106 positions and will export software development and engineering services to U.S.-based clients. The rebate agreement will be tied directly to 100 of the positions MobSquad will hire, which must be staffed by a combination of new graduates and new Nova Scotians. Under the five-year payroll rebate agreement, if MobSquad creates the 100 eligible positions, NSBI estimates the company could spend $23,157,000 in salaries. It is also estimated that the new employees would contribute provincial tax revenues of $2,928,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $2,084,130 over five years. MobSquad would qualify for a smaller rebate if it creates fewer than 100 of the eligible positions. Quick facts: payroll rebates are designed in a way that the tax revenue generated for the province by the new jobs in Nova Scotia is always more than the amount of the rebate payroll rebates are only paid after a business has generated actual payroll for the Nova Scotia economy for every dollar a company spends on the new jobs it receives between five and 10 cents back when a company submits an annual rebate claim, it must send NSBI audited information that confirms the number of jobs it created that year payroll rebates are paid through the Strategic Investment Fund Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures . Source: Release

Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for MobSquad. The company’s new Halifax office is projected to employ up to 106 positions and will export software development and engineering services to U.S.-based clients.

The rebate agreement will be tied directly to 100 of the positions MobSquad will hire, which must be staffed by a combination of new graduates and new Nova Scotians.

Under the five-year payroll rebate agreement, if MobSquad creates the 100 eligible positions, NSBI estimates the company could spend $23,157,000 in salaries.

It is also estimated that the new employees would contribute provincial tax revenues of $2,928,000 through their income and consumption taxes. As a result, the company would earn a rebate of up to $2,084,130 over five years.

MobSquad would qualify for a smaller rebate if it creates fewer than 100 of the eligible positions.

Quick facts:

  • payroll rebates are designed in a way that the tax revenue generated for the province by the new jobs in Nova Scotia is always more than the amount of the rebate

  • payroll rebates are only paid after a business has generated actual payroll for the Nova Scotia economy

  • for every dollar a company spends on the new jobs it receives between five and 10 cents back

  • when a company submits an annual rebate claim, it must send NSBI audited information that confirms the number of jobs it created that year

  • payroll rebates are paid through the Strategic Investment Fund

Information on NSBI transactions can be found at
http://www.novascotiabusiness.com/fundingdisclosures .

Source: Release

Second Quarter Results

Review: 2019 Kia Sorento Sxl