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December 16, 2004
2004-080
Extension of Interim Measure on Deductibility of Provincial Payroll and Capital Taxes
Minister of Finance Ralph Goodale announced today that the interim measure that limits the deductibility of increases in provincial payroll and capital taxes will continue to apply.
Under the interim measure, any existing provincial payroll and capital taxes will remain deductible for federal income tax purposes, but increases in these taxes by way of provincial actions to increase the rate, change the definition of the base or introduce new taxes generally would not be deductible.
The announcement of the extension of the interim measure ensures that all businesses and provinces are informed of the rules that apply to the deductibility of provincial payroll and capital taxes.
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For further information:
| David Gamble Public Affairs and Operations Division (613) 996-8080 |
Pat Breton Press Secretary Office of the Minister of Finance (613) 996-7861 |
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://www.fin.gc.ca/scripts/register_e.asp
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| Last Updated: 2004-12-16 |
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