Congress Amends Tax Law to Permit Added Gross Revenue Tax Deductions For Businesses Contributing Towards Employees Health Insurance
PALIKIR, POHNPEI. On March 26, 2021, the FSM Congress passed Congressional Bill CB21-336. If it becomes law, it would allow a gross revenue tax deduction for businesses contributing towards its employees’ MiCare health insurance plan. Businesses in the nation are currently allowed the following expenses to be deducted from its taxable gross revenues: wages, salaries, and benefits […]