Slider
Slider

|

Slider

Bill to allow temporary business license now law

Local
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

THE bill allowing the government to issue temporary business permits became law without the signature of Gov. Ralph DLG Torres on Wednesday last week.

Authored by Rep. Sheila Babauta, House Bill 21-87 is now Public Law 21-36.

The bill, which the House of Representatives passed on April 16, 2020 and by the Senate on Aug. 28, 2020, was transmitted on Sept. 4, 2020 to the governor who had 40 days to act on the measure. The bill automatically became law on Wednesday.

P.L. 21-36 allows the Department of Finance to impose temporary license fees on businesses or community groups for public and community events. The temporary license will be valid for one year and is not transferable.

The new law also requires Finance to establish the fees by regulation promulgated by the Finance secretary.

The bill states that the CNMI’s business license fees are outdated, which are “negatively affecting the Department of Finance’s ability to administer the business licensing laws.”

It also states that the current fees are “too broad, based only on 12 categories, and should be replaced by the North American Industry Classification System.”

NAIC is a standard system used by the federal statistical agencies in classifying business between the U.S., Canada and Mexico. The use of its codes will identify business activity more precisely and will strengthen enforcement of licensing requirements and tax compliance, the new law stated.

 

 

 

 

 

 


previous arrow
next arrow
Shadow
Slider

Read more articles

Visit our Facebook Page

previous arrow
next arrow
Shadow
Slider