Canada Set To Cut Corporate Taxes, Official Says

Posted on Saturday, September 10 at 08:42 by FootPrints
The cuts were initially put at C$4.6 billion over a five-year period but a Finance Department official could not immediately provide the value of the cuts that will be reintroduced. Finance Minister Ralph Goodale touched on the subject of tax cuts in a speech in Vancouver on Thursday. "Some (tax cuts) were legislated in spring, others will be put before the House of Commons in the fall. Our intention is to proceed with our full tax reduction as promised and on time," Goodale said. The Liberals hold only a minority of seats in the House of Commons and need the support of at least one other party to stay in power. The official dismissed media speculation that the autumn fiscal update might be a full-blown budget or a "mini-budget" that could pave the way for an early federal election. The official also said Goodale has invited provincial and territorial ministers responsible for securities regulation to a September 29 meeting to discuss ways to attract more foreign direct investment. Quebec has confirmed it will attend, the official added. Goodale is willing to consider options including regulatory reforms along the lines of the U.S. Sarbanes-Oxley legislation, the creation of a national securities regulator, or the adoption of a passport-style securities transaction system, the official added. Canadian provinces currently have separate regulators and critics say that makes it difficult to do business in Canada. http://news.yahoo.com/news?tmpl=story&u=/nm/20050908/wl_canada_nm/canada_economy_canada_fiscal_col_2 [Proofreader's note: this article was edited for spelling and typos on September 10, 2005]

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