Federal committee addresses industry concerns on taxes
February 1, 2005
OTTAWA, Ont. - The recently released pre-2005 federal budget report reflects a number of the concerns raised by the Canadian Trucking Alliance in its pre-budget submissions, say association officials....
OTTAWA, Ont. – The recently released pre-2005 federal budget report reflects a number of the concerns raised by the Canadian Trucking Alliance in its pre-budget submissions, say association officials.
The House of Commons Finance Committee report, in its main set of recommendations (it also included a minority report from each party) advanced positions that in many cases were consistent with those long-advocated by CTA, according to the association.
According to the CTA, these included the importance of:
* Ensuring that Capital Cost Allowance (CCA) rates do not place Canadian businesses at a comparative disadvantage with U.S. competitors;
* A properly funded, long-term infrastructure plan involving all levels of government;
* Streamlining the regulatory process, consistent with the recommendations of the Advisory Committee on Smart Regulation;
* Ensuring that Canada’s corporate tax system is competitive with that of the U.S. and other countries.
“CTA understands that the Finance Committee, particularly during a minority Parliament, has a difficult balancing act dealing with all of the competing agendas and points of view,” commented CTA CEO David Bradley.
“And while CTA was disappointed that the committee did not act on its suggestions for improving driver meal deductibility, and that its recommendations on the environment did not specifically mention the important role of the tax system in promoting the accelerated penetration of newer, cleaner truck engines into the marketplace, the committee did acknowledge a major concern of CTA and others in the business community – that our tax system and infrastructure must not be allowed to put Canada at a competitive disadvantage.”
The federal government is now free to accept or reject the recommendations of the committee in the development of the 2005 budget.
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