Le Lézard
Classified in: Business
Subjects: SVY, ECO, POL, STP

Pressure mounts for Canadian governments to reform business taxation


OTTAWA, Nov. 9, 2017 /CNW/ - Amid the shadow of tax reform legislation in the United States and the need to boost business investment at home, Canada should look to reduce the tax burden on businesses of all sizes, according to a new Conference Board of Canada report

"Canada's tax policies as they pertain to business are coming under the microscope, and the pressure will get even more intense if the United States is able to reduce corporate and personal tax rates," said Craig Alexander, Senior Vice-President and Chief Economist, The Conference Board of Canada.

HIGHLIGHTS

Canadian governments have significantly lowered corporate income tax rates since 2000, but combined federal-provincial rates are still above the average of 35 Organisation for Economic Cooperation and Development countries. The U.S. currently has a higher federal corporate income tax rate, but Canada will be hard-pressed to maintain competitiveness with the U.S. if the Trump Administration and Congress settle on a reform package.

Canada's business investment has been weak for a number of years, and Conference Board research regularly finds that tax policies are a factor in investment decisions. Without a substantial improvement in business investment, the Canadian economy is unlikely to see annual growth above 2 per cent throughout the medium term.

The report, The Trump Shadow: The New Urgency of Business Tax Reform in Canada, summarizes approaches to lower the business tax burden in Canada. Governments can:   

Policy-makers can consider these potential changes individually or as a combination of measures in a broader package.

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SOURCE Conference Board of Canada


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