Payroll Rebate Approved
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Pepper Services (Canada) Ltd. or Pepper Group.
Pepper Group, a residential mortgage, consumer lender and loan servicer, based in Sydney, Australia, has the potential to create up to a maximum of 200 jobs in the expansion of its Global Shared Service Centre in Halifax. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates the company would spend $56,500,000 in salaries.
It is estimated the new employees would contribute provincial tax revenues of $8,045,000 through their income and consumption taxes. As a result, Pepper Group would earn up to $4,955,000 over five years.
Pepper Group would be eligible for a smaller rebate if it creates fewer than 200 new jobs.
- Pepper Group offers a unique, diversified, global portfolio of financial services. It provides specialist experience in core disciplines of Lending, Advisory and Asset Servicing across the residential and commercial property sectors – as well as in consumer, auto and equipment finance
- with over $52.4 billion in assets under management as at 31 December 2016 – comprising $7.0 billion in lending assets and a servicing portfolio of $45.4 billion
- Pepper Group has about 1,800 employees in its offices located across Australasia, Asia and Europe
- For more information on Pepper Group visit www.peppergroup.com.au
- 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 spent on 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 Funds
Information on NSBI transactions can be found at www.novascotiabusiness.com/fundingdisclosures.