TORONTO, March 4 /CNW/ - PwC tax specialists commented today:
The Federal Budget announced today delivered new measures that are geared to improving Canada's financial position and competitiveness globally. Notable actions include:
- The lowest overall income tax rate on new business investment in the
G7 (25% by 2012)
- Making Canada a tariff free zone for industrial manufacturers by
eliminating all remaining tariffs on machinery and equipment and
goods imported for further manufacturing - a savings of $300 million
in annual duty for Canadian business.
- Improvements to Canada's system of international taxation to
facilitate investment, cut red tape, and streamline the compliance
process associated with the taxation of cross-border activity.
- Establishing a new Red Tape Reduction Commission.
- Enhancing the quality of the financial services sector.
These measures are designed to encourage local and new foreign investments in Canada.
A PwC Budget Flash with additional Budget highlights has been issued later today followed by a detailed Budget Memo later this evening. For more information and detailed commentary on the Budget please contact, Kiran Chauhan, firstname.lastname@example.org, 416-947-8983 or visit www.pwc.com/ca/budget.
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For further information: For further information: Kiran Chauhan, (416) 947-8983, email@example.com