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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

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