NSBI Approves Payroll Rebate

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 www.novascotiabusiness.com/fundingdisclosures . -30- Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for VERB Interactive Inc (VERB). Established in Halifax in 2004, VERB is a full-service digital marketing agency serving leading global brands in the travel and hospitality industry. The company is expanding its Halifax operations and has a second location in Victoria, B.C. VERB has the potential to create up to 130 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $24.3 million in salaries. It is also estimated the new employees would contribute provincial tax revenues of $3.113 million through their income and consumption taxes. As a result, the company would earn a rebate up to $1.458 million over five years. VERB will be eligible for a smaller rebate if it creates fewer than 130 new jobs. read more