Montréal, March 19, 2015 ‒ The Board of Trade of Metropolitan Montreal applauds the diligent work of the Commission d’examen sur la fiscalité du Québec (Quebec Taxation Review Committee) and its apt recommendations.
Taxation that encourages work, investment and productivity
“The recommendations of the Godbout report echo those of the Board of Trade,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal. “We encouraged the Commission to recommend cutting corporate and personal income taxes and increasing sales tax and user fees instead. These recommendations, which encourage work, investment and productivity, will increase our collective wealth, helping us tackle our economic and demographic challenges.”
Lower corporate tax rates to take into account fierce competition from other jurisdictions in the city’s key sectors
“We strongly recommended reducing overall corporate taxes and lowering payroll taxes,” Michel Leblanc said. “We also proposed a review of tax assistance available to business, maintaining credits for sectors facing the greatest competition from other jurisdictions. The Godbout commission’s careful, exhaustive analysis responds to the Board of Trade’s calls to support the most strategic, high-value-added sectors.”
Essential recommendations for transferring businesses and tax-advantaged funds
“We would like to point to the importance of two recommendations in the report: simplifying tax issues when transferring businesses within a family and increasing the contribution of tax-advantaged funds to the economic development of Quebec,” Mr. Leblanc said. “We are convinced that these are essential measures that the government should introduce quickly.”
An informed discussion must take place to implement the recommendations
“Recalibrating Quebec’s taxation is absolutely necessary,” Michel Leblanc said. “The current tax framework dates back to the 1990s and no longer responds to major economic and demographic challenges. We applaud the Godbout commission’s painstaking work and the concrete avenues it proposes to increase the competitiveness of Quebec’s fiscal framework.”
“We hope these recommendations will be reflected in the Government of Quebec’s upcoming budget,” Michel Leblanc said. “This report is an excellent basis for improving Quebec’s tax system. It calls for an informed discussion in the coming months. The Board of Trade will help promote ways to improve the competitiveness of the Quebec tax system and support our economic growth.”
About the Board of Trade of Metropolitan Montreal
The Board of Trade of Metropolitan Montreal has over 7,000 members. Its mission is to be the voice of Montréal’s business community and to promote the city’s prosperity. It is involved in key areas of economic development, advocating a philosophy of action based on engagement, credibility, proactivity, collaboration and innovation. The Board of Trade also offers a range of specialized services to individuals and to business of all sizes to support them in their growth at home and abroad.
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Source:
Michelle LLambias Meunier
Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4042
mllambias@ccmm.qc.ca
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