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Newsrelease |
May 5, 1998
Edmonton, Alberta
"Committee members believe that the best tax policy for Alberta is to provide a low rate, broad based tax environment."
Provincial Treasurer Stockwell Day today released the first report and recommendations from Albertas Tax Review Committee. The report marks the completion of phase 1 of the Committees review. The focus of phase 1 was on tax issues specifically related to knowledge-based industries.
The Committee was asked to explore whether Alberta should:
As an overall position, the Committees view is that Alberta should maintain a low rate, broad based tax environment. If there are exceptions to that overall approach, those exceptions should be clearly justified.
The Committee reviewed a number of issues specific to knowledge-based industries including tax incentives introduced in other provinces to promote and attract research and development activities and film production.
The Committee recommended that:
"I appreciate the thorough review of the issues by members of the Tax Review Committee, especially given the short timelines involved. Their insight into the issues has been meaningful. I look forward to receiving their second phase report this fall," said Provincial Treasurer Stockwell Day.
The Treasurer also acknowledged the impact of tax policies in other provinces on Albertas ability to attract and sustain certain industries. "Other provinces have got into the game of providing targeted tax incentives. This trend could lead to predatory practices in other areas. As a result, I will be raising this issue with my counterparts in the future," said Day.
The Committees report will be reviewed by government and decisions are expected within the next few weeks.
The Tax Review Committee is now beginning phase 2 of its mandate. Phase 2 will focus on issues related to Albertas personal income tax system. Specifically, the Committee will consider whether Alberta should take advantage of greater flexibility available under the Alberta/federal tax collection arrangements to redesign the provinces personal income tax system.
For more information, please contact:
Stockwell Day
Provincial Treasurer
Telephone (780) 427-8809
Trish Filevich
Director of Communications
Alberta Treasury
Telephone (780) 427-5364
e-mail: webmaster@treas.gov.ab.ca
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Updated by walkej@treas.gov.ab.ca - April 27, 1998