Saskatchewan to introduce tax incentive for exporters
Province wants to double exports by 2020.
Oil & Gas
REGINA — The Saskatchewan government is planning to introduce a tax incentive to double exports by 2020.
The promise, along with a number of others, were made in Oct. 22’s throne speech.
The throne speech, read by Lt.-Gov. Vaughn Solomon Schofield, outlined in broad terms the Saskatchewan Party government’s plan for the next legislature session.
There were no specifics on what the tax incentive will involve, but Premier Brad Wall said more details would be released when the budget is announced.
“We need to see more diversification,” he said, adding that the province has been “aggressive” on trade missions to attract foreign investors.
In September, the premier heralded a report released by the Saskatchewan-Asia Advisory Council, which made 45 suggestions that included more Asian language studies in schools and increased recruitment of international post-secondary students from that continent.
“To further support our exporters, my government will maintain its emphasis on international engagement, particularly in Asia, the fastest-growing region in the world,” Schofield said. “Our efforts to strengthen trade ties in Asia will be guided by these recommendations.”
Marilyn Braun-Pollon, a spokeswoman for the Canadian Federation of Independent Business, said business owners will like the direction of the throne speech, but there is room for improvement.
“We’re looking at balanced budgets, sustainable spending, we’re addressing shortage of qualified labour,” she said. “We also like the fact that they are going to be looking at how (to) address the rail backlog issue.”
She added that she wants to see more competitive income tax rates and lower tax rates for small businesses.
“We know being competitive is a moving target,” she said. “But there are a number of things that will have business owners nodding.”
© 2014 The Canadian Press