Abandon the Passive Tax Rule Changes To Corporations
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The new updated proposals to exempt the first 50k of passive income have not been thought out properly. The Department of Finance has said only 3% of corporations will be affected by the new proposals, this may be true from a tax standpoint, however the 97% will be required to track several different types of assets , grandfathered assets, new investments ,eligible and ineligible dividends and will require substantial increased accounting costs and a more complex income tax act.
The backlash from the business community was unprescendented !!! Lets keep the engine of the economy private business flourishing and not hamstring with increased taxes ,compliance and complexity.
Abandon the corporate passive income proposals!!!!
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