20 October 2010 16:12 [Source: ICIS news]
The Chemistry Industry Association of Canada (CIAC) said it was calling for a five-year extension of the accelerated capital cost allowance (ACCA) for new machinery and equipment.
The measure was first introduced in 2007 and is due to expire at the end of 2011. It allowed producers to defer the taxes they pay at the beginning of a project - when cash flow was most urgently needed - until a later date, the group said.
"A five-year extension of the ACCA is critical for Canadian manufacturers," said CIAC president Richard Paton.
"Investing in new machinery and equipment will make our manufacturers more productive and competitive, will foster innovation and reduce emissions, and will ultimately make our manufacturing sector more sustainable," he said.
Ottawa-based CIAC represents over 50 chemical companies with combined revenues of Canadian dollar $26.0bn ($25.5bn)/year.
Major chemical firms with production in
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