The Government of Newfoundland and Labrador delivered big for the private sector in Budget 2024. The Budget featured a tax cut, a commitment to reduce red tape, and a projection to return to a balanced budget next year and for the foreseeable future.
This is an important change of policy direction in Newfoundland and Labrador, and it signals to businesses and future investors that the province sees business as the engine of growth. Setting the tone, effective January 1, 2024, the small business corporate tax rate will fall from 3 per cent to 2.5 per cent on the first $500,000 of active business income. The budget also includes a commitment to streamline regulations and reduce red tape, making it easier and faster for businesses to navigate the complexities of Government and reduce burden where necessary. Reducing regulatory burden is one of the most cost-effective ways to improve competitiveness in the province and is something that the Atlantic Chamber of Commerce has been asking of Government for years. Government’s combined approach of tax relief and red tape reduction demonstrates a clear message: Newfoundland and Labrador is not only open for business, but it's actively working to create an attractive and supportive environment for the future.
Getting regulation right is not just limited to businesses, it’s also critical in addressing pressing social concerns such as healthcare and housing. Doctors are met with a high level of cumbersome paperwork and burden in most provinces across Canada. Expanding the role of the newly announced navigators to also include the reduction of burden in the healthcare system will allow our hardworking healthcare professionals to focus on better outcomes for patients instead of being inundated with paperwork and outdated regulations.
As the province continues to move in a direction that focuses on building a strong business environment for all sectors to thrive, it’s encouraging that they are focused on the long-term success of the private sector. If Government takes a holistic approach to reducing regulatory burden across the private sector and critical social needs, the end result will be a vibrant forward-thinking province with an economy that grows to its full potential.
Rhonda Tulk-Lane is the CEO of the Atlantic Chamber of Commerce, a nationally accredited organization representing more than 16,000 businesses in Atlantic Canada through its network 90 Chambers of Commerce and corporate partners.
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Newfoundland and Labrador Budget Reflects the Needs of Business
Friday, March 29, 2024
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Business Truth & Reconciliation
The Atlantic Chamber of Commerce is taking proactive steps to promote reconciliation and respect for Indigenous rights within the corporate sector. In response to the Truth and Reconciliation Commission's Call to Action 92, the Chamber urges its members to embrace the United Nations Declaration on the Rights of Indigenous Peoples as a guiding framework. This entails a commitment to meaningful consultation, fostering respectful relationships, and obtaining the free, prior, and informed consent of Indigenous peoples before embarking on economic projects. Moreover, the Chamber advocates for equitable access to employment, training, and educational opportunities for Indigenous communities, ensuring they reap sustainable benefits from economic development initiatives.
Recognizing the importance of education, the Chamber encourages businesses to provide comprehensive training for management and staff on the history of Indigenous peoples, including the legacy of residential schools, Indigenous rights, and Aboriginal-Crown relations. Emphasizing intercultural competency, conflict resolution, and anti-racism, these efforts aim to foster a more inclusive and harmonious corporate environment rooted in mutual understanding and respect.
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