WHITEHORSE—An amendment to the Income Tax Act to assist small business was passed in the Legislative Assembly. It received assent yesterday from the Commissioner of Yukon.
“This amendment is the 12th change to the Income Tax Act since 2002. All have resulted in tax relief for individuals or businesses,” Premier Darrell Pasloski said. “Reducing taxes for Yukoners is part of this government’s ongoing efforts to promote a prosperous, diversified economy.
Effective July 1 the small business corporate tax rate will be reduced from four per cent to three per cent. This represents a rate reduction of 25 per cent.
About 1,000 small businesses and their shareholders will collectively save $750,000 annually with this amendment. The savings will enable Yukon small business owners to invest these dollars in staff, their communities, and growing their companies.