29 June 2010 15:03 [Source: ICIS news]
TORONTO (ICIS news)--Canada’s chemicals industry welcomes a major tax change in Ontario that will make manufacturing in the country’s largest province less costly, a trade group said on Tuesday.
The tax change, due to come into effect on 1 July, will combine an 8% provincial sales tax (PST) with a 5% federal goods and services tax (GST) into one 13% harmonised sales tax (HST).
At the moment, ?xml:namespace>
However, the reform means
The Chemistry Industry Association of Canada (CIAC) said the HST was crucial to both the short-term recovery and the long-term prosperity of
"This [tax reform] was a much-needed first step to help make
The tax change would put
“While some Ontarians may find it difficult to see value in the government's decision to apply the HST to services that were previously PST-exempt, the benefit the HST will have for the overall economy should not be overlooked,” it said.
Economists had estimated that
Chemical production is the third largest manufacturing sector in
The chemical trade group did not comment on the situation in
In that province, the public has strongly opposed the introduction of the HST, prompting a former
($1 = C$1.05)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections