CHEMISTRY INDUSTRY SUPPORTS ONTARIO’S COMMITMENT TO BUSINESS COMPETITIVENESS
APRIL 24, 2015 — OTTAWA — The Chemistry Industry Association of Canada (CIAC) welcomes the Ontario government’s budget announcement that corporate tax rates will remain unchanged and that the province would parallel the federal government’s 10-year extension of the accelerated capital cost allowance (ACCA) for new machinery and equipment, as proposed in the 2015 federal budget.
“The chemistry sector is the fastest growing manufacturing sector in North America,” said Richard Paton, CIAC President and CEO. “Ontario’s commitment to maintain competitive corporate taxes, extend the ACCA and a balanced approach to protect the environment while growing the economy is needed to ensure the chemistry industry can continue to play a vital role in Ontario’s economic agenda.”
The chemistry industry – Ontario’s second largest manufacturing sector exporter, is poised for growth and investment. The industry could attract more than $5 billion in new investments to Ontario in the next 5 years. “Competitive corporate tax rates, investment in infrastructure and the extension of the ACCA will contribute to a competitive business climate in Ontario, said Paton. These measures will help Ontario attract new investment in the chemistry industry.”
The Chemistry Industry Association of Canada (CIAC) is the voice of Canada’s chemistry industry. The business of chemistry in Ontario is a $23 billion industry. Ontario’s chemistry industry employs 41,000 Ontarians directly, and supports another 200,000 jobs in the province’s economy. Members of CIAC are signatories to Responsible Care® – the association’s U.N.-recognized sustainability initiative.