Balanced Budget, Small Business Tax Cut, Red Tape Relief Coming
Finance and Treasury Board Minister Randy Delorey said tax relief is coming for small businesses in a balanced budget to be delivered next month.
The small business income threshold will rise to $500,000 from $350,000, Mr. Delorey told a Halifax Chamber of Commerce event today, March. 28. The result will be more small businesses paying the lower small business corporate tax rate of three per cent.
Government will also continue its concerted effort to reduce red tape. This commitment will be worth $25 million to business in 2017-18, saving them time and money they can reinvest in their enterprises.
"Less tax and less red tape means small businesses will create more jobs," said Mr. Delorey. "We are focused on investing in opportunities for growth.
“On budget day Nova Scotians will see the province is forecasting ending one fiscal year in surplus and beginning another in balance.”
It will be the first time in almost 10 years that back-to-back balanced budgets will be tabled in the legislature.
“We got to this point by sticking to our plan, making strategic decisions and by finding new ways to address long-standing problems,” said Mr. Delorey. “This has allowed government to invest in key sectors of our economy, expand opportunities for young Nova Scotians, increase exports and social infrastructure.”
Budget 2017-18 will be tabled on April 27 in the House of Assembly.
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Tax relief is coming for small businesses in a balanced budget to be delivered next month, Finance and Treasury Board Minister Randy Delorey told the Halifax Chamber of Commerce today (March 28th).
Mr. Delorey says the small business income threshold will rise to 500-thousand dollars from 350-thousand dollars. The result will be more small businesses paying the lower small business corporate tax rate of three per cent.
He says government will continue to reduce red tape and the effort will be worth 25-million dollars to business in 2017-18, saving time and money that can be reinvested in their enterprises.
Mr. Delorey says that the upcoming budget on April 27th will be balanced and the 2016-17 fiscal year is forecasted to be in balance.
More information will be found in Budget 2017-18.