Yasir Naqvi’s Tax Talk

		In our ongoing efforts to assist the small & medium enterprises, maximize their potential, the 'ICCC- SME Committee' organized a talk by Yasir Naqvi, the MPP from Ottawa Centre and the Parliamentary Assistant to Minister of Revenue, about Sales Tax Harmonization November 17, 2009 in Toronto. Naqvi discussed major tax reform that will combine both the provincial and federal sales tax on products and services.

He specified that the impending changeover to the harmonization of sales tax was one of the three measures being contemplated by the McGunity government in Ontario. The other measures include cutting personal income taxes and cutting corporate taxes.

Describing the changeover as one of the biggest tax reform ever attempted, the Parliamentary Assistant said that over a period of ten years, the reform measures will generate nearly 600,000 jobs in Ontario. The province will have one of the most competitive tax structures in the world.

Explaining the reason for such an ambitious fiscal measure, Naqvi emphasized that the province’s economy has to become competitive. “We can’t compete in the 21st century if our tax structure is from the 1960’s,” he said.

Naqvi explained that sales tax harmonization had been undertaken in the three Atlantic Provinces and Quebec. British Columbia would be implementing it soon after Ontario does mid-2010.

To attend future events organized by the SME Committee, please contact Mayank Bhatt (mbhatt@iccc.org) or call 416-224-0090