22 March 2013 13:15 [Source: ICIS news]
In its budget announcement late Thursday, the federal government said that it will grant a two-year extension to accelerated capital cost allowance (ACCA) for new machinery and equipment, and that it will provide funding to encourage innovation in manufacturing and address skills shortages.
The ACCA, first introduced in 2007, was due to expire by the end of 2013. It allows manufacturers to defer the taxes they pay at the beginning of a project - when cash flow is most urgently needed - until a later date.
“Measures like the ACCA for new manufacturing machinery and equipment can make the difference between a company investing in
CIAC also lauded the government’s decision to provide funding to encourage innovation and improve the competitiveness of
Furthermore, the government’s move to address skills and training – in partnership with provinces and employers – was also important for the chemical industry, as it currently employs an aging workforce and faces skills shortages, the group said.
($1 = C$1.02)
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