NSBA Responds to Throne Speech
Posted on October 25, 2017 in News Release
NSBA has concerns with corporate tax rate, but praises bump in small business tax threshold and inclusion of ride-sharing companies
In the Speech from the Throne to announce the opening of the Second Session of the Twenty-Eighth Saskatchewan Legislature, Premier Brad Wall announced a number of policy goals that the Government would pursue in this legislative session. Among the list of policies that were announced are: returning the corporate income tax rate to 12% and raising small business income tax threshold from $500,000 to $600,000, the repeal of Bill 40 concerning the sale of any part of a Crown Corporation, assistance for companies engaging in mineral exploration, and working with municipalities to allow companies such as Uber and Lyft to operate in Saskatchewan.
The NSBA commends the Government for its decision to raise the small business income tax threshold by $100,000. Given the income tax changes proposed by the Federal Government, the NSBA appreciates that the Provincial Government is willing to stand up for small business. The NSBA also commends the Government for its support of allowing companies such as Uber or Lyft to operate in the province as well as their support of mineral exploration initiatives.
“We are encouraged that the Government recognizes the importance of small business to this province,” says Keith Moen, Executive Director of the NSBA. “Having said that, however, we are also discouraged by the fact that the Government has foregone the opportunity to be a leader amongst Western provinces with regards to having the lowest corporate tax rate.”
The NSBA finds it concerning that the Government does not intend to fulfill its budgetary promise to lower the corporate income tax rate to 11%. This policy was an important piece of the overall tax policy announced in the 2017 Provincial Budget, partially offsetting the harmful effects of applying PST to construction labour and insurance premiums.
“It’s clear that the effects of the PST applications reach across all types and sizes of business, not just small businesses,” says Mr. Moen.
On the subject of the repeal of Bill 40, the NSBA commends the Government on listening to its constituents regarding the full or partial sale of Crown Corporations. However, the NSBA strongly encourages the Government to remain committed to opportunities for partnerships that can benefit the people of Saskatchewan and to view future opportunities through a business lens rather than an ideological one.
The NSBA would like to take this opportunity to publicly commend Premier Brad Wall for his term as leader of our province. We note the accomplishments of his government across many ministries and files, particularly those that concern business and economic development. Despite economic challenges in the recent past, the NSBA would like to commend the Premier for leaving the province in better shape than at the beginning of his term.
October 25, 2017
FOR IMMEDIATE RELEASE: NSBA Responds to Throne Speech
For more information:
Keith Moen
Executive Director
NSBA
(306) 242-3060
keith.moen@nsbasask.com