WHITEHORSE–An amendment to the Income Tax Act was tabled in the Yukon Legislative Assembly by Minister of Economic Development Currie Dixon. It will reduce the small business corporate tax rate from four per cent to three per cent, effective July 1.
“A 25 per cent reduction in the corporate tax rate ensures that the Yukon tax regime on small business is competitive with neighbouring provinces,” Dixon said. “Businesses will soon be able to retain a greater portion of their earnings.”
Premier Darrell Pasloski added: “This tax amendment is part of the government’s ongoing efforts to promote a prosperous, diversified Yukon economy. Reducing the tax burden on the private sector will allow businesses to further invest in their employees, their business, and their community.”