CFIB-NL Chapter celebrates ‘win’ on reduction of small business tax rate
The Canadian Federation of Independent Business, Newfoundland & Labrador chapter says the provincial government has agreed to make good on an election promise to reduce the small business tax rate. The association has been meeting with government representatives on issues they say matter to local small business owners. One of those sticking points was taxation rates. Jonathan Galgay says the province has made it clear they will be reducing the rate from 2.5% to 1%. Galgay says they’re optimistic the legislation and appropriate means to make that effective will be introduced as soon as possible.