CHAMBERS WELCOME REVISED TAX REFORMS AND LOWER SMALL BUSINESS TAX RATE BUT REMAIN CONCERNED
#LSN_Econ Thunder Bay Chamber of Commerce and the Canadian Chamber of Commerce
THUNDER BAY, OCTOBER 16, 2017: (LSN) The Thunder Bay Chamber of Commerce and the Canadian Chamber of Commerce welcome the government’s plans to revise its proposed tax reforms and to reduce the small business tax rate as a result of the comments and concerns expressed through the national #ProtectGrowth campaign and in consultations.
“The cut to the small business tax rate and the cancellation of changes to capital gains exemptions are welcome news for small business owners and operators in Thunder Bay,” says Charla Robinson, President of the Thunder Bay Chamber of Commerce. “We are pleased that the Government is taking steps to further support hardworking small businesses in Thunder Bay and across the country.”
As Canadians celebrate Small Business Week, Chamber representatives congratulate the thousands of businesspeople who joined the mobilization and made their voices heard on this important issue affecting Canadian workers and employers.
The Thunder Bay Chamber also noted the Minister’s call for further input from Canadian businesses, and intends to continue providing a voice to ensure the tax system is simpler and less of a burden on Canada’s competitiveness.
“It is always more productive when government and business work together. We can only hope the government will listen as we provide advice on those areas where more remains to be done, and that they will propose concrete data to back up their claims. The Canadian Chamber will be working with the Thunder Bay Chamber and other chambers across the country for suggestions on reforms that can improve the competitiveness of Canada’s tax system. Lowering the small business tax rate is one such measure, but there is still much room for improvement,” says Perrin Beatty, President/CEO of the Canadian Chamber of Commerce. “We must ensure that Canada, and with it Thunder Bay, remain attractive places to do business. Although there is a great deal of work to be done, today’s announcement is a positive first step, but we expect more and we will be vigilant on the next steps.”