Provincial Budget Focuses on Fiscal Responsibility, Reducing Costs for Business

Category: News Releases

Mar 2024

FOR IMMEDIATE RELEASE
MARCH 22, 2024

 

Provincial Budget Focuses on Fiscal Responsibility, Reducing Costs for Business

 

HAPPY VALLEY-GOOSE BAY – The Labrador North Chamber of Commerce (LNCC) is pleased Budget 2024 recognizes the importance of financial accountability while Government takes steps to support the small business sector.

“We are pleased the Government has committed to supporting small businesses, reducing the small business corporate tax rate to 2.5 per cent and introducing business navigators to work closely with employers,” says LNCC CEO Julianne Griffin. “We are also pleased there will be no new taxes, and no increases to taxes and fees, avoiding placing additional burdens on employers and families.”

While there are several positive elements in Budget 2024 to address the cost of doing business, the Government still lacks a long-term economic development plan with practical investments to recognize regional differences, improve service delivery, and retain highly skilled talent.

“While the Government welcomed 5,100 newcomer Permanent Residents, retention and integration remains a significant challenge for rural regions across the province,” says Griffin. “Often community organizations take the lead on spearheading targeted programming, and the Government fell short on introducing new supports to offer this regional autonomy. The understanding of doing business in rural and remote regions is key to developing a budget that represents the entire province.”

Other positive Budget 2024 highlights include the investment of more than $170M for workforce development, $3M to improve outcomes for youth seeking employment, $2.6M to implement the Critical Minerals Strategy, $10M for cultural sectors, and $18M for road upgrades in Labrador.

The LNCC looks forward to continuing to partner and engage with Government to ensure opportunities and ideas from its members and the Labrador business community are considered.

 

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About the Labrador North Chamber of Commerce

For more than 60 years, the LNCC has been the most diverse and representational business organization in Labrador, advocating on behalf of businesses on unique Labrador-specific business challenges. As one of the most active Chambers in the country, the LNCC is a determined voice for the Labrador business community, and a strong advocate for growth and prosperity in the region.

 

Contact:

Julianne Griffin, CEO
(709) 896-8787
ceo@chamberlabrador.com

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