But only one in four is expected to have to register to act as a collector of the new form of sales tax that is now scheduled to become a reality early in 2008.
Businesses and lawyers are expected to pore over the first draft of the law that will govern goods and services tax, which was released yesterday along with an explanatory booklet that outlines how the new three per cent tax is likely to work in practice.
However, it is anticipated that three quarters of Island businesses will not have to register for sales tax although they will have to pay it on materials they buy.
These are companies whose annual turnover is less than £300,000.
