Press release: The Board is extremely pleased with the tax reductions announced by the federal Finance Minister

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Added on 18 October 2000 in Press releases

Press release

Federal mini-budget:

The Board of Trade of Metropolitan Montreal is extremely pleased with the tax reductions announced by the federal Finance Minister

The goal to reduce the debt is commendable Montreal, October 18, 2000 - The Board of Trade of Metropolitan Montreal is extremely pleased with the tax relief offered Canadians in the election-motivated budget speech delivered today by Finance Minister Paul Martin.

Regardless of the context in which the budget was prepared, the general tax reductions are in keeping with the general expectations of the business community and many observers.

Under the budget, a significant portion of the Canadian government's operating surplus will either be given back to taxpayers as of January 2001 or used to reduce the national debt, which totals some $565 billion. The goal to reduce the debt until it accounts for no more than 40% of the gross domestic product in 2004 is both ambitious and commendable and is in keeping with the business community's expectations.

The Canadian government appears to have resisted the temptation to increase its expenses, choosing instead to concentrate on two basic and worthy objectives: tax relief and debt reduction.

Corporate tax cuts aimed at companies in the new economy will be especially welcomed in Metropolitan Montreal, where many such firms are located.

Overall, the Board of Trade agrees with the budget, except perhaps, for the fact that it contains no provision for Employment Insurance premiums.

The Board of Trade of Metropolitan Montreal has more than 7 000 members. Its mission is to be the leading group representing the interests of the Greater Montreal business community.  The objectives are to maintain, at all times, relevance to its membership, credibility towards the public and influence towards government and decision-makers.