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Lloyd Chamber looks for PST, corporate income tax reform

There was nothing in the recent Saskatchewan budget which dealt with PST and corporate income tax reform, says the Lloydminster Chamber executive director.

Teri-Lynn Mackie says sales taxes attached to Saskatchewan businesses is a constraint on their competitiveness.

“The PST has a negative impact on the provincial economy, specifically in the reduction of investment competitiveness and growth. This reduces investment in the economy’s activity resulting in foregone revenue from other tax sources.”

The chamber executive director sees the removal of PST or a lower PST as being beneficial to business.

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The other matter deals with corporate taxes which affect small businesses which have been at zero per cent since the pandemic. The measure is due to expire in June and the rate will go to one per cent from July 1, and return to two per cent on July 1, 2024.

Mackie says the chamber was hoping it would stay at zero per cent.

“For our businesses’ competitiveness, that’s where the chamber watches and hopes to keep our tax rates a little lower – that we are competitive with our neighbours.”

Mackie adds that the chamber was happy to see the investments in education and health care from the Saskatchewan government.

The chamber executive indicated they will continue to advocate for tax reform for Saskatchewan businesses’ competitive edge.

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