Tony Wakeham has announced another pre-election PC policy, this time focusing on business affordability, this being Small Business Week.
The provincial Tory leader calls the business community the “backbone” of the provincial economy, but says they are struggling due to rising operational costs and “endless red tape” under the current government.
To combat that, Wakeham says his party will do three things: Conduct a review of all taxes and fees charged to businesses; lower and eventually eliminate the payroll tax on full-time employees, which he argues will reduce the tax burden on businesses and encourage adding full-time employees; and implement “aggressive red tape reduction.”
Wakeham claims this province leads the country in such bureaucratic impediments.
As an example, he says businesses owners have to apply and pay $10 to Service NL to reserve a name for their business. Then, if that same person wants to register their business, they have to go back and apply again, and pay $300 for that step.
“We’re talking about two steps and double the paperwork,” says Wakeham. “Why is that necessary?”