Gov't revises MSME policy
The government has revised the definition for micro-, small- and medium-sized (MSME) enterprises to make it easier for them to operate.
Commerce Minister Karl Samuda told Parliament yesterday that the review was necessary to allow MSMEs to adequately meet the changing socio-economic environment within which they operate.
This has resulted in government moving up the sales turnover threshold which it has used to define MSMEs.
Based on the revised policy, a business that generates up to $15 million in annual sales is classified as micro.
Those which generate between 50 and $75 million in sales are considered small.
Businesses with annual sales turnover of up to $425 million are classified as medium-sized.