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(Plastemart) -- Members of Chemistry
Industry Association of Canada are calling for a 5 year extension of the
accelerated capital cost allowance (ACCA) for new machinery and equipment.
The ACCA was first introduced in the 2007 federal budget. ACCA allows
businesses to defer the taxes they pay at the beginning of a project (when cash
flow is most urgently needed) until a later date.
Leaders of the industry opine that this tax is critical to the survival
of Canadian manufacturers as fresh investments in new machinery and equipment
will make manufacturers more productive and competitive, will foster
innovation and reduce emissions.
The current ACCA - which is only available to businesses once new
machinery or equipment is installed - will expire at the end of 2011.
mrcplast.com
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