Thank you, Mr. Chair. Mr. Chair, a one per cent reduction in small business rate is equivalent to about $700,000 in revenue in the total GNWT, as I've been saying the last little while, that is used to fund programs and services are projected to decline over the next five years. The reduction itself would only impact a small number of businesses in the NWT, and this reduction would not cause anyone to start a small business. The number of small businesses operating in the NWT has been declining over the last few years due to various factors impacting our regional economies, for example down in the Sahtu, due to the downturn in the oil and gas industry. We should be looking at providing direct support to small businesses through grants and contributions, rather than lower taxes as small businesses that require government support do not have large revenue or large profit, and hence do not pay a lot, if any, corporate tax. We've heard a few times from some of the Regular Members that one of the options that they would like to see is to increase the taxes rather than reduce them to help offset any revenue loss. Thank you, Mr. Chair.
Robert C. McLeod on Committee Motion 10-18(2): Tabled Document 1-18(2): Proposed Mandate Of The Government Of The Northwest Territories, 2016-2019, Addition Of Text Regarding Taxation On Small Businesses, Carried
In the Legislative Assembly on February 24th, 2016. See this statement in context.
Committee Motion 10-18(2): Tabled Document 1-18(2): Proposed Mandate Of The Government Of The Northwest Territories, 2016-2019, Addition Of Text Regarding Taxation On Small Businesses, Carried
Consideration in Committee of the Whole of Bills and Other Matters
February 23rd, 2016
See context to find out what was said next.