First reading for PEI Bill 57, a bill that includes changes to the small business tax
P.E.I. Bill 57 received first reading on November 21, 2018. This bill reduces small business tax rate to 3.5% (from 4%) effective January 1, 2019, among other changes.
This reduction represents an additional 0.5% decrease to the province's small business tax rate, which was already reduced earlier this year to 4% (from 4.5%), effective January 1, 2018.
The new 3.5% small business rate is considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) on November 21, 2018, the day the bill received first reading (as P.E.I. has a majority government).
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