The local business community is reacting positively to news that the federal Liberals are fulfilling a campaign promise to reduce the small business tax.

It’s currently at 10.5 % and will go down by half a percentage point in January and another full point to 9 % by January of 2019.

North Bay and District Chamber of Commerce president and CEO Peter Chirico says he’s happy about the news.

“I’m very pleased that the government has listened to what we had to say, took it to heart and obviously is making some changes,” he says.

Chirico says having a lower rate can mean big things for a small business.

“Anytime you reduce taxes there’s more money in the business. That can mean a whole lot of different things things including investment, expansion and retention,” he adds.

Chirico says they lobbied MP Anthony Rota for a lower tax rate and he passed those concerns on to the government.

This is Small Business Week and Chirico is expecting additional announcements this week that will benefit small business.

Filed under: North Bay and District Chamber of Commerce, Peter Chirico, tax rate