business

Gov't to help aging operators of small firms to transfer businesses

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The government will introduce tax breaks and other measures to help aging operators of small and medium-sized firms transfer their businesses to third parties

The agency is considering tax breaks of 20 percent when the operators of such firms transfer their stocks to successors and providing subsidies when successors launch new lines of business with growth potential,

The real question is who exactly are these "third parties" that the government wants to facilitate buying up  small and medium-sized firms by giving them tax breaks while the general public has to endure a tax hike.

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I can see the dark side to this third party purchasing of businesses. As a money laundering scheme that could bring in dirty money from international buyers. The businesses may not even remain open. We buy businesses advertisements may start popping up all over the place.

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There is almost no history of small businesses w/o shareholders being carried on by anyone other than family members. Owners regularly live out of the till and falsify records, making accurately evaluating the worth of such enterprises impossible.

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