The chamber welcomed the budget’s emphasis on innovation and skills development, concerns remain with the size of the deficit amidst a challenging tax environment and the absence of a plan to return to a balanced budget.
“The tax burden remains a concern for the chamber membership,” said executive director Penny Walsh McGuire.
“We encourage the government to fulfill its election promise to reduce the federal small business tax rate to nine per cent.”
Walsh noted several key federal tax measures for independent businesses remain under active review.
The chamber will monitor this in the coming months, as well as the outcomes of the 2017 federal budget and the potential impact on the Island business community.
Walsh added that budgeted investments in agri-food, bioscience, advanced manufacturing and digital industries will have a positive impact on the chamber’s member businesses.
