The North Bay and District Chamber of Commerce is welcoming the federal move to lower the small business tax rate. On Monday the Trudeau Liberals announced it will reduce the small business rate to nine percent by 2019. The reduction from the current 10.5 percent will be phased in. The federal government announced the reduction after complaints from small business that proposed tax reforms would hurt middle class people. Among those to complain about the reforms were chambers of commerce across the country. In North Bay, Peter Chirico, the President and CEO of the local chamber, was pleased that riding MP Anthony Rota relayed local concerns to the government. The federal reduction announcement comes when businesses celebrate Small Business Week, an annual event In October. Chirico says the North Bay chamber will continue to be a voice to help ensure the tax system is simpler and less of a burden to national competitiveness. Chirico adds it’s more productive when government and business work together. He hopes the government continues to listen as business gives advice on areas where more still needs to be done. Chirico also says there’s an expectation that the feds will release concrete data to back up their claims when making future proposals. Chirico says the small business tax reduction is a positive step but business has to remain vigilant because there’s still a lot of work to do.
