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Federal government to reduce small-business tax

North Bay & District Chamber of Commerce welcomes changes
The North Bay & District Chamber of Commerce said it welcomes the Oct. 16 announcement that the federal government would slash the small-business tax, starting in 2018. (File photo)

The federal government has announced it will cut taxes on small business, starting in 2018.

On Oct 16, Prime Minister Justin Trudeau announced the small-business tax would be reduced to 10.5 per cent by Jan. 1, 2018, and be further lowered to nine per cent by 2019.

The changes come following opposition voiced by small-business owners across the country who argued that the tax reforms announced in the federal Budget in March would negatively impact small businesses.

Led by the Canadian Chamber of Commerce, Chambers voiced their opposition through the #ProtectGrowth campaign and in consultations with government.

The North Bay & District Chamber of Commerce expressed support for the change.

“We are pleased to see that the grassroots members and Chambers across the country were able to reach out to MPs and voice their concerns on these proposed tax changes,” Chamber president and CEO Peter Chirico said.

“More specifically, I was pleased that MP Anthony Rota was certainly listening and was willing to take the concerns of Nipissing-Timiskaming businesses to the government.”

The Chamber said it would continue to provide advice on areas of continued concern to ensure Canada remains an “attractive place to do business.”

The North Bay & District Chamber of Commerce represents over 850 businesses that employ almost 10,000 in the region.