A local company that provides lifeboat safety training in Newfoundland and Labrador and around the world says new tax breaks from Ottawa will allow them to expand even further.

Paradise-based Virtual Marine has been providing lifeboat safety simulators and training in this province, as well as in Europe, Australia, and North America.

CEO Randy Billard says Ottawa recently upped its tax breaks for companies listed under research and development from 15 to 60 percent, which he’s used to expand his reach even further.

“We have lots of people working here, we have lots of software, lots of hardware and such. We’re one of those companies that, to both mature our product and expand to new markets and expand to new industries, we have to continue to invest in our technology and our people,” he told VOCM News.

Metro area MP Joanne Thompson says Ottawa is looking to fund and find tax breaks for more local companies given the current geo-political climate.

“It’s essential that we provide tax-breaks and again it ties in with the Prime Minister’s want for Canada – you know, built here. I will say this tax incentive now makes us much more desirable,” she told VOCM News.

“We have a lower tax rate now than the U.S.; we’re probably leading in like-minded countries. So, it’s tangible, it’s significant and I love the fact that it includes small and medium sized businesses as well.”