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Ottawa, December 18, 1998
1998-130

Government Extends Interim Measure on Deductibility of Provincial Payroll and Capital Taxes

Finance Minister Paul Martin today announced that the interim measure that limits the deductibility of increases in provincial payroll and capital taxes will continue to apply in 1999.

Under the interim measure, any existing provincial payroll and capital taxes will remain deductible for federal income tax purposes, but any increases in these taxes by way of provincial actions to increase the rate, change the definition of the base, or introduce new taxes would not be deductible.

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