Federal gov’t to end machinery import tariff
The federal government will eliminate the last of the manufacturing import tariffs.
On Friday, Finance Minister Jim Flaherty formally announced his intention to eliminate border levies on imported machinery and equipment.
The plan, which Ottawa estimates could save businesses as much as $250 million, is designed to lower companies’ input costs as they struggle to break free of the recession.
The move will also cost the government as much as $300-million in sacrificed revenue.