WHITEHORSE – A Yukon Liberal government will deliver significant tax cuts to Yukon employers said Liberal leader Sandy Silver today.
"Yukon currently has the highest corporate tax rate of any jurisdiction west of Nova Scotia. A Yukon Liberal government will change that and level the playing field for Yukon employers while making it more attractive for businesses to operate in the territory," he said. "Reducing taxes for employers is part of our plan to promote a more diversified economy and create good jobs."
Porter Creek South candidate Ranj Pillai believes it is essential to diversify our economy by supporting and creating opportunities for the private sector.
“Cutting taxes on employers will have a positive impact on economic growth and help to attract new investment,” he said. “It will also help local businesses compete with southern competitors when bidding on large government contracts.”
Effective July 1, 2017 the small business corporate tax rate will be eliminated under a Yukon Liberal government.
Effective July 1 2017 the general corporate tax rate will also decrease from fifteen per cent to twelve percent. This represents a rate reduction of twenty per cent.
Employers could collectively save $3-5 million annually with these changes. The savings will enable employers to invest these dollars into growing their companies through innovation, marketing, employee development, new hires, etc.
Other proposals in the Liberal platform for business include:
* collaborate with businesses to identify barriers to competitiveness and modernize the existing regulatory environment;
* re-establish the broader mandate of the Yukon Development Corporation beyond energy to all sectors of the economy, and
* reduce red tape and regulatory burdens for small business.
“As we head into an election campaign the Yukon Liberals plan is anchored by efforts to diversify our economy, keep dollars from contracts in the territory and make First Nation Governments full partners in building a strong economic future,” Pillai concluded.
For more information please contact:
Porter Creek South candidate Ranj Pillai
Yukon Liberals HQ
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