The proprietor of Rainbow Color, which provides computer services, Jang said small businesses are crucial to any recovery effort.
“There are a lot of views about the current financial crisis, and several opinions on how we should dig our way out of it. But regardless of your thoughts on the matter, one is very clear — small businesses will be the key to economic turnaround,” he said.
Jang said the CNMI should consider Guam’s tax relief law, which exempts businesses that make $50,000 per month from paying the business gross receipt tax.
“I am not saying to follow exactly what Guam did but our CNMI government can strategize some kind of tax benefits for small businesses,” he said.
Jang said a small business committee should be created to sponsor seminars and select speakers from the business community.
“We can work on involving high school or college students through sponsorship and establish competitions separately for both levels,” he said. “We will identify consulting groups that could bring value to these events.”
Jang believes these projects will be more successful if coordinated with the Department of Commerce.
Commerce, he added, can provide empirical data that can be used by consultants when making presentations about the CNMI economy.
Jang said the small business committee can plan for the coming federalization of immigration and the next minimum wage increases.
“How can we cope with this, and at the same time where are we heading to? Can we overcome this ‘beast of burden’? How?” he asked.
He said the small business community should also conduct a survey about pressing issues faced by the business community and how to resolve them.
