Ontario Chamber of Commerce

Ontario Chamber of Commerce

March 22, 2007 15:46 ET

Business Education Tax Reduction a Major Victory for OCC

TORONTO, ONTARIO--(Marketwire - March 22, 2007) - The provincial government has removed a significant barrier to economic development with today's announcement of the reduction in the Business Education Tax (BET) Rates by 2014.

"The reduction in BET Rates is a major win for businesses in Ontario and will lead to increased productivity, job creation and output," explains Len Crispino, President & CEO of the Ontario Chamber of Commerce (OCC). "Over three hundred communities across this province will benefit from reduced industrial and commercial tax rates totalling $540 Million, including such places as Sault Ste Marie, Windsor and Northumberland County. This is a big win for the Ontario Chamber of Commerce."

A reduction in the BET was part of comprehensive tax policy reform recommended by the OCC.

"BET is the number one taxation issue for business in Ontario and today's announcement represents a major victory for our members," adds Crispino. "We'll work with the government towards a comprehensive tax policy reform to further enhance our competitiveness in relation to our peer jurisdictions in the US and overseas."

"We're pleased to see a commitment to a balanced budget but our enthusiasm is tempered by the absence of a strategy to ensure sustainable healthcare funding and a comprehensive transportation and infrastructure plan for Ontario's future," adds Crispino.

The full OCC pre-budget submission to the Provincial Finance Minister can be found on our website at www.occ.on.ca.

The OCC represents over 57,000 businesses through 160 local Chambers of Commerce and Boards of Trade, and has been Ontario's business advocate since 1911. Its advocacy and policy initiatives focus on six areas key to the economic well-being of the province: health; education; energy; finance & taxation; transportation & infrastructure; and border issues.

Contact Information

  • Ontario Chamber of Commerce
    Amy Terrill
    W: (416) 482-5222, ext. 241 or C: (416) 605-8205