FREDERICTON (GNB) – Premier Brian Gallant announced today that small business income taxes will decrease to four per cent from four-and-a-half per cent on Jan. 1, 2015.
"Small businesses employ tens of thousands of New Brunswickers," said Gallant. "I am proud to honour our commitment to lower this tax rate to reduce their costs and make them more competitive. This is one of many initiatives our government will undertake to create the conditions for more jobs."
Gallant reiterated the government's commitment to decrease the small business rate to two-and-a-half per cent by 2018, giving New Brunswick's small businesses the lowest income tax rate east of Manitoba.
"Competitive taxes for small businesses help our hard working entrepreneurs get ahead and create jobs," said Finance Minister Roger Melanson. "This is good policy we are proud to support."
The small business tax rate is applied to any business whose taxable income is less than $500,000 per year.
08-10-14
