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Small biz supports tax drop

Local businesses are pleased to see a drop in small business tax rates, according to the Greater Vernon Chamber of Commerce.

The federal government has announced cuts to the small business tax rate from 10.5 per cent to nine per cent over the next two years. The move follows severe criticism of the Trudeau government over proposed tax reforms.

“Considering the proposed tax reform changes that will be announced this Wednesday, small business owners really needed some positive news,” said Dione Chambers, the chamber's general manager.

A number of small business owners across the country have criticized Ottawa for planned changes that they say will hurt their businesses.

However, the Vernon chamber is taking a wait and see approach.

“We recognize that there is support for a more comprehensive tax reform to reduce some of the complexities that business owners face,” said Markus Schrott, president of the chamber.

“The proposed tax reform changes that will be announced on Wednesday are not consistent with the principals of simplicity and integration as they currently stand, so a longer consultation period with key stakeholders was recommended and supported by most organizations.

“The government is insisting that they are listening and that Wednesday’s announcement will take into consideration what they have heard from small businesses owners and the chambers of commerce.”

Schrott said the chamber wants retroactive measures to be removed from tax reform changes because they “definitely fall short on fairness for business owners that have been following the tax rules to date.”

“Working with small business owners in the greater Vernon area, business owners have been managing their tax costs within Canadian tax laws and should not be negatively affected by retroactive measures that the government is still ironing out.”

The Greater Vernon Chamber of Commerce and Community Futures are holding a tax talk round table on Thursday, Oct. 19 at 10 a.m. Business owners can pre-register to attend the session by calling 250-545-2216 ext. 200 or via email.  



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