2. The Standard Industrial Classification (SIC) Code is a system for classifying establishments by type of economic activity. The SIC was first adopted by Council in 1992 when the current rate structure was established. It has not been increased or changed since.
3. The North American Industry Classification System is a new economic classification system that replaces the 1987 SIC system for statistical purposes. In 1997 many state and local governments began updating to the NAICS code.
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5. The Tax Classification was created by the US Government, Office of Management and Budget, for statistical purposes and to group businesses by their profit margins. Both the NAICS and SIC use this.
6. GROUP PM Tax Class I 3.65% or less Tax Class II 3.66% - 5.85% Tax Class III 5.86% - 6.84% Tax Class IV 6.85% - 9.57% Tax Class V 9.58% - 16.41% Tax Class VI 16.42% and Above * These Tax Classes will not change
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16. Georgia has mandated that “Professionals” (as classified by state law) can either be classified under a coding structure, or they are eligible to use the flat rate of $400 per Professional.
17. State Legislation mandates regulatory fees be charged for Pawn Shops, Billiard Rooms, Masseurs, Taxis, Ice Cream Trucks and Hand Pushed Carts. Rates for these types of businesses will not be increased.
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21. To assist in the transition, staff is prepared to provide specific information for business owners by contacting us at [email_address] or 770.476.3434 ext. 1224.
Notes de l'éditeur
I would like to begin by explaining the two Classification System (the SIC and the NAICS), explain their differences , show examples of selected businesses and the affect on their taxes.
