Atlantic Chamber of Commerce
Patti Colson
Manager of Communications
902.694.2210
patti@atlanticchamber.ca
Atlantic Chamber of Commerce Welcomes Pro-Business Budget
St. John’s, NL (March 21, 2024) – The Atlantic Chamber of Commerce (ACC) is pleased to see the Government of Newfoundland and Labrador take steps to reduce the cost of doing business in Budget 2024. Government has committed to reducing the small business corporate tax rate, effective January 1, 2024, from 3 per cent to 2.5 per cent on the first $500,000 of active business income.
The move is welcomed by Chambers of Commerce and Boards of Trade across the province as businesses have consistently signaled that the cost of doing business is one of the top concerns in Newfoundland and Labrador. ACC is also pleased to see the introduction of business navigators and a commitment to reducing regulatory burden by the province as it is one of the most cost-effective ways to improve business conditions and investment.
“The Government of Newfoundland and Labrador has made it clear that the province is seeking to become more competitive and is open for business,” said Rhonda Tulk-Lane, CEO of the Atlantic Chamber of Commerce.
Budget 2024 projects that Newfoundland and Labrador will have a deficit of $152 million this year and anticipates a balanced budget next year and for the foreseeable future. Strong fiscal stewardship is needed by Government and ACC looks forward to seeing a balanced budget and prioritization on provincial debt reduction.
The ACC strongly commends the Government of Newfoundland and Labrador for taking steps to reduce the cost of doing business and remains ready to partner with Government to continue improving the business climate in Newfoundland and Labrador.
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About the Atlantic Chamber – The Voice of Atlantic Canadian Business
The Atlantic Chamber of Commerce (ACC) is the largest accredited business organization of influence in Atlantic Canada representing more than 16,000 businesses and their 300,000 employees through its network of 90 Chambers of Commerce in the four Atlantic Provinces. For more than 125 years, ACC has served as the voice of Atlantic Canadian business and actively partners with its members and other organizations to help create a strong, vibrant, and growing Atlantic Canada.
