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samuel coates the new president of the yea
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amuel Coates rushes into the offices of Coates Logistics Limited, a sense of purpose in each hurried stride as he weaves his way through the small, well-decorated waiting area. His walls are lined with plaques, certificates and awards for excellence in business and leadership, as befitting the head of one of Jamaica’s highest-rated customs brokers. Clearly, Coates is on top of his game. This is why he was recently elected President of the Young Entrepreneurs Association (YEA), a non-profit organization mandated to support young people in business.
of creating new businesses to Jamaica. “I share the unanimous vision that entrepreneurship is the way of growth. It is the engine of growth; no country can grow without it. Entrepreneurs should be given an enabling environment by the government,” he declares.
Samuel Coates CEO of Coates Logistics
“It’s a wonderful thing to be surrounded by two beautiful ladies. It shows the dynamism of the organization and these two women are at the height of the game. Behind any successful man is a woman and I am surrounded by women so it is going to be a successful year.”
where work will be done under the theme “Solidifying the base, building the capacity for the future”. He seems very passionate about this as he leans back in his chair and explains that he has a background in training and that he believes people should constantly seek out opportunities for learning and selfdevelopment.
As we sit down for this interview, he fields a number of calls, apologizing politely for the interruptions. With pride, he recalls being a founding member of the YEA back in 2005 and recounts why he joined. “It is good to be in a place with like-minded people. It is a good place to grow a business and to be with guys who will be the next big thing and get those connections from early,” he states.
Additionally, for the first time in YEA history, the executive body has two female vice-presidents. Coates smiles at this and says, “It’s a wonderful thing to be surrounded by two beautiful ladies. It shows the dynamism of the organization and these two women are at the height of the game. Behind any successful man is a woman and I am surrounded by women so it is going to be a successful year.”
Coates sees it as an honour to serve as President of the organization he has been a part of since the very beginning. Therefore, he has big plans for the year,
HIS VIEWS ON THE JUNIOR STOCK MARKET
On this note, he lauds the implementation of the Jamaica Stock Exchange (JSE) Junior Market, where listed companies enjoy full tax exemption on profits for the first five years and after this, tax on only 50 percent of profits for an additional five years. In order to list on the Junior Market, companies must be prepared to undertake new policies, such as turning out quarterly financing and restructuring their managing staff. advertisment
As President of the YEA and an entrepreneur himself, Coates knows the value yourmoney ezine
business lounge by Tracey-Ann Wisdom
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NCB Capital Markets Limited sees marginal growth for the economy
inance Minister Audley Shaw has predicted “robust” growth for the local economy in 2011. However, National Commercial Bank Capital Markets Ltd. (NCBCML)is not as optimistic. While reporting that the economy has indeed been recovering steadily in many sectors,it has labelled growth prospects for 2011 “anaemic” at best.
“Planned cuts in the public sector could continue to weigh on disposable incomes and consequently residential construction activity. In addition, higher commodity prices coupled with increased taxes imposed in 2010 could restrain consumer demand.” In its Local Economic Outlook for 2011, entitled “Walking the Tightrope”, NCBCML notes that “over the last three years, private consumption and economic activity has been constrained by rising unemployment and stagnant to declining incomes and wealth.” Additionally, economic activity continued to decline during the second half of 2010 instead of rebounding as expected. “Measures taken in an effort to maintain targets under the IMF program, including increased taxes, have contributed to weak consumer demand and higher unemployment levels,” NCBCML states, adding that the damage created by Tropical Storm Nicole further worsened the situation. However, “the pace of contraction has declinedsince the third quarter, signaling slowly improving prospects.”
Based on these indications, NCBCML predicts that economic growth should begin to show marginal improvement in some key areas, even possibly within the first quarter of 2011. These include the re-opening of the Windalco Aluminum Plant in Ewarton due to a 20% hike in aluminum prices worldwide.Remittances also continue to improve, as well as the number of tourist arrivals, which should keep increasing with the opening of the Falmouth Cruise Shipping Terminal and related development projects in that region.
activity. In addition, higher commodity prices coupled with increased taxes imposed in 2010 could restrain consumer demand.” Additionally, rising crude oil and grain prices is one of the biggest risks to local inflation rates: “Crude oil prices are forecasted to average $100 per barrel in 2011, upfrom an average $88 in 2010, due to rising demand and falling inventories.” Overall, NCBCML declares: “With the appropriate fiscal and monetary policies, 2011 could be the watershed year for domestic economic activity. However, outlook for the local economy remains delicately balanced and is contingent on the continued smooth running of the IMF program, as failure to pass the quarterly tests could erase the strides made in 2010.”
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The agricultural sector is also slated to growthis year, aided by the Agriculture Ministry’s Production & Productivity Programme (PPP), which encourages the production of selected domestic crops.NCBCML also notes that key economic indicators should remain positive for the year as interest rates are expected to remain low due the International Monetary Fund (IMF) programme, while the local currency maintains stability. On the flip side, however, the construction industry will remain weak due to declining incomes and high unemployment levels. Furthermore, “planned cuts in the public sector could continue to weigh on disposable incomes and consequently residential construction yourmoney ezine
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THE FUTURE OF MARKETING VIA SOCIAL MEDIA
“W
hat’s the next Twitter?” “What’s going to be as big as Facebook?” It seems as soon as we get comfortable with marketing and communicating with social media tools, something else captures the public’s attention. The Next Big Thing? Think Mobile
Technology itself plays a large part in what’s next. Our daily communication and social connecting - not to mention information gathering and purchasing - has moved from our laptops to our mobile phones. What’s next could very well be tied to this platform. Mobile apps and mobile-specific websites provide content and information created specifically for smart phones as opposed to modified web content. As business professionals, we must reach our clients quickly, efficiently and with the most information possible. Getting that information to them when they’re not at a computer and ensuring that it is clear, concise and graphic will be of enormous benefit. There’s also mobile advertising. Expanding on ideas such as Foursquare and Facebook places, there is the potential for alerts based on a client’s location. Instant, personalized content is also a hugely important feature, as it cuts down on what clients have to skim through to get to what they want. LAYING THE GROUNDWORK Value-Added Branded Content
Consumers comfortable with certain social media systems mean consumers
comfortable with filtering out ads. To keep in the running, marketing content must provide more than a snappy ad to get under the radar. It must have meaning and give information to the potential client. Building usable content on Facebook and Twitter and linking it back to your website engages the reader much more than an ad. You aren’t just sticking your name and photo on the page; you’re enticing your potential client with what they need beyond the obvious. It’s also important to engage people on a level they aren’t saturated in already. Your focus should be on informing, helping, instructing - all ways to imprint on a client before trying to sell them anything.
the hype can be believed. As with all other technology and social media constructs, it’s a matter of finding what works best for you and making the most of it. A great deal of the future of marketing via social media seems to be focusing on refining your message and precise targeting. It’s a good time to look at what you want to say and start getting ready for what’s next!
Gail and Company - We craft influential and comprehensive brand directives with our unique blend of design services. Whether you are just starting out on building your business and your brand or in need of a complete image overhaul, we can help your company identify, develop, and visibly communicate your marketing message.
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Whether it is featured ads on Twitter or Facebook credits, social media companies are laying the groundwork for premium content. Social media generally starts with a free platform and leaves it basic before layering on features and privileges as time goes on.
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It’s equally important to remember that people are trying to avoid information overload when they pay up for restricted content. The secret of marketing on social media is pinpointing your message and applying it to the public in the most succinct way possible. In the coming year, we’ll be inundated with ‘the next big thing’, but as we all know, it’s a gamble as to whether yourmoney ezine
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the importance of filing annual returns
mall business operators are not always conscious of the importance of filing annual returns. In fact, most are unaware that they are even required to do so. It is imperative to educate companies in order to achieve full compliance, as non-compliance might be a result of ignorance and not an outright refusal to file.
“Filing of company profit tax is accompanied by the business’ balance sheet and profit and loss statement; therefore, a professional should be consulted for calculation and preparation.” Regardless of your legal structure – Limited Liability Company, sole trader or partnership, you are required to file annual returns once your employees are on the PAYE system and, as such, you make statutory deductions (NHT, NIS, PAYE and ED tax) from their monthly salaries. What is annual return?
Annual return is the submission of employees’ contributions deducted from their salaries and paid to different collectorates during the year. This is paid to the collectorates as a company. How will the collectorates know who contributed what?
At the end of the calendar year, employers fill out forms bearing the names (ensuring they are spelt correctly) Taxpayer Registration Numbers, National
come tax payable is due by March 15 of the following year. Benefit of filing annual return
• Based on the contribution submitted by employers, employees are able to have access to pensions and housing benefits. Insurance Scheme numbers and the annual contributions of each employee. These returns are due to be filed by January 15 of the following year. Filing Company Profit Tax
• Filing annual returns helps the company to be tax compliant. This allows the company to obtain a Tax Compliant Certificate (TCC), which qualifies the company for government and other contracts.
Company profit tax is due for filing by March 15 of the following year. It is assessed on the profit of the company, i.e., revenue minus expenditure. One third (33 1/3%) of company profit is paid to Inland Revenue. There are also some expenses that may be deductible for taxation purposes, which reduces the amount of taxes a company pays. Filing of company profit tax is accompanied by the business’ balance sheet and profit and loss statement; therefore, a professional should be consulted for calculation and preparation. Filing declaration of estimated income tax payable
Based on the revenue of the previous year, a company is expected to estimate the coming year’s revenue and calculate income tax payable and make the necessary quarterly payments. Adjustments can be made at the end of the year, based on the accrual profit made. Filing of declaration of estimated inyourmoney ezine
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