Business Licenses Drop 31.31%

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There’s been a significant drop in the number of business licenses issued from January to March of this year, indicating negative growth in business activities. Numbers in the Department of Commerce second quarter performance report for Fiscal Year 2016 tell the story. DOC reports that there was a 31.31 % decrease in the number of licenses issued up to March 31 when compared to the same period last year. Up to March 31 , 2106 the Revenue Branch at Treasury had registered 2,619 business licenses. In the same time period last year, 3,813 business licenses were registered, a difference of 1,194. But while the number of licenses dropped, the revenue from business licenses went up, due to higher business license fees which the Fono approved last year and went into effect in mid 2015, DOC says the Revenue Division of Treasury recorded $374,833 from business licenses issued up to March 30 this year…a total of 2,618 licenses,. DOC compares this amount to the revenue that was collected for 3,902 licenses issued in the second quarter of calendar year 2014  which generated $154,250. According to the DOC stats, calendar year 2014 had the highest number of business licenses , when a total of 4,678 were issued.

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