A new federal tax strategy is getting cautious support in the North Okanagan.
The Liberal government has announced it will reduce small business tax rates from 10.5 to nine per cent over two years.
“Considering the proposed tax reform changes that will be announced this Wednesday, small business owners really needed some positive news,” said Dion Chambers, with the Greater Vernon Chamber of Commerce.
The chamber of Commerce is taking a wait and see approach to Wednesday’s announcement as there has been significant backlash from business owners regarding the proposed tax reform changes.
“We recognize that there is support for a more comprehensive tax reform to reduce some of the complexities that
business owners face. 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,” said Markus Schrott, chamber president.
“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.”
The Greater Vernon Chamber of Commerce, in partnership with Community Futures, is holding a tax talk round table Thursday at 10 a.m. is no charge for the event and pre-registration can be done by calling 250-545-2216 Ext 200 or via email at rashmeetp@futuresbc.com
