“This tax freeze is welcome news to Niagara’s breweries, While index-linked tax increases normally add predictability, at a time of unstable and increased inflationary rates, the opposite is true.” – Greater Niagara Chamber of Commerce (GNCC) CEO Mishka Balsom
A News Release from the Greater Niagara Chamber of Commerce
Posted February 12th, 2024 on Niagara At Large
Niagara, Ontario – This past Friday, February 9, 2024, the Government of Ontario announced that it was stopping the estimated 4.6 per cent increase to the beer basic tax and LCBO mark-up rates scheduled for March 1, 2024.
Greater Niagara Chamber CEO welcomes boost for Niagara breweries
This increase would have resulted from indexed rates, which the government has consistently stopped over the last six years, resulting in approximately $200 million in relief.
The freeze will last until March 1, 2026.
“This tax freeze is welcome news to Niagara’s breweries,” said Greater Niagara Chamber of Commerce (GNCC) CEO Mishka Balsom. “While index-linked tax increases normally add predictability, at a time of unstable and increased inflationary rates, the opposite is true.
“The Government of Ontario is to be commended for recognizing the unfair burden that these increases would have placed on both breweries and customers. Today’s announcement makes good business sense and demonstrates the commitment of this government to our province’s prosperity.”
The Greater Niagara Chamber of Commerce is the voice of business in Niagara, the largest business organization in the region and the second-largest Chamber of Commerce in Ontario, with 1,500 members representing 50,000 employees. More information on the GNCC is available at gncc.ca<https://gncc.ca/>.
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