(Fredericton, NB) – The Fredericton Chamber of Commerce is pleased with the New Brunswick government’s announcement that the province’s small business tax rate will be lowered to 4.0% as of January 1, 2015.
“We are quite happy that the new Liberal government has made the reduction of the small business tax rate their first official announcement since being sworn into office yesterday,” said Joseph O’Donnell, chamber president. “We are hopeful that it is a sign that this government recognizes the importance of small business to the provincial economy and look forward to further announcements regarding support for business contained in their election platform.”
At 4.5%, the current New Brunswick small business tax rate is tied for the second highest in the country, behind only Quebec.
“The tax burden faced by small business in this province is a big issue, particularly combined with a challenging economic situation,” stated Krista Ross, chamber CEO. “This announcement is obviously a great first step towards getting to the campaign promise of a small business tax rate of 2.5%. The business community in New Brunswick will certainly welcome this announcement, but it must be viewed in the larger tax burden context.”
The chamber looks forward to working with the Gallant government on business issues throughout their mandate. Maintaining open lines of communication will be critical for moving the province forward. Enhancing conditions for business success and attracting investment in the province must be a priority to eliminate the deficit and reduce the debt.
With more than 900 members, the Fredericton Chamber of Commerce is one of Atlantic Canada’s largest chambers of commerce. A dynamic business organization, the Fredericton Chamber of Commerce is actively engaged in policy development that affects the competitiveness of our members and of the Canadian business environment.
Contact: Krista Ross, CEO – (506) 4588006