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Strong Support for Comprehensive Tax Reform: CME

Published on December 03, 2009

QUEEN’S PARK – CME supports the comprehensive tax reform package detailed in Ontario’s Bill 218.

 

“We need this type of bold action to ensure a more fulsome economic recovery,” said Ian Howcroft, vice president of Canadian Manufacturers & Exporters (CME) Ontario. “Specifically, the combination of the Harmonized Sales Tax, corporate tax reductions and reductions to the corporate minimum tax will free up much needed cash for businesses to make the necessary investments to remain competitive in what continues to be a very challenging environment.  These reforms will make Ontario a much more attractive destination for investment.”

 

Initiatives like the CME SMART Program have also lead to massive savings and productivity improvements for the critical manufacturing and exporting sectors. In total, the SMART program retained 6,395 manufacturing jobs and an additional 3312 jobs are forecasted to be created as a result of projects yet to be completed.  It is imperative that we look to support those sectors that contribute considerably to government tax revenue. In Ontario, manufacturers and exporters contribute roughly one third of government tax revenue.

 

CME also urges the Ontario government to eliminate input tax credit restrictions on HST as quickly as fiscally possible and to look at greater property tax equity and monetization of tax credits like SR&ED as opportunities to stimulate further investment in innovation and economic growth.

 

 

 

For more information, contact:


Ian Howcroft                                         Paul Clipsham

Vice President                                      Director of Policy

CME Ontario                                        CME Ontario

416-419-6119                                        416-388-6711

 

Found in: tax reform recovery HST GST

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