The new year opened with another reduction in the small business tax rate. The corporate income tax rate for small business dropped to four per cent for 2012. Last year, the rate dropped from five per cent to 4.5 per cent. “Small businesses create jobs and economic activity in every community across the province,” said Finance Minister Graham Steele. “The small business rate hadn’t changed in almost 20 years and we’ve now reduced it two years in a row.” This tax reduction is in line with the government’s jobsHere plan, designed to create good jobs and grow the economy. The combined impact of the reduction will save small businesses $6.5 million in 2011-12, rising to $10.8 million annually by 2012-13. Nova Scotia’s small business corporate income tax rate applies to taxable income earned, up to $400,000.
The Supreme Court says it has informed Speaker Karu Jayasuriya its determination on the 20th Amendment to the Constitution.A motion had been filed against the 20th Amendment to the Constitution. The draft of the 20th Amendment to the Constitution was tabled in Parliament earlier this month.The draft was tabled by Janatha Vimukthi Peramuna (JVP) Parliamentarian Vijitha Herath. The 20th Amendment proposes to abolish the Executive Presidency. (Colombo Gazette)