Canada eliminates all tariffs on machinery, equipment and inputs used in industrial mfg
Apr. 20, 2015 - The Government of Canada has eliminated all remaining tariffs on machinery, equipment and inputs such as screws, electric motors and pipe fittings for industrial manufacturing, which it says will benefit Canadian businesses by lowering the cost of imports used to produce manufactured goods.
It noted that the tariff elimination measure was first announced in Budget 2010, the Government estimated that it could create 12,000 jobs across Canada. Since 2009, more than 1,800 tariffs have been eliminated in the industrial manufacturing sector. This announcement will specifically benefit small and medium-sized businesses that rely on global supply chains and are looking to diversify their export markets. These changes will provide $450 million in annual tax relief for Canadian manufacturers.
“The elimination of all tariffs on imported goods and equipment, along with other tax measures, is providing Canadian manufacturers with a significant competitive advantage. Manufacturers across the country are using these tax savings to invest in innovation, growth and jobs,” said Jayson Myers, president and CEO, Canadian Manufacturers & Exporters (CME).
According to the government, Canada is the first G20 nation to eliminate all tariffs on machinery, equipment and inputs used in the industrial manufacturing sector.
“Today’s announcement builds on our commitment to making Canada one of the best countries in the world to do business. We are confident that our low taxes, global trade opportunities and clear investment rules will ensure that Canada’s manufacturing sector remains globally competitive,” continued James Moore, minister of industry.
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