ANNOUNCED AS TEMPORARYNo
Tax or social insurance relief
On March 18, 2015, SaskatchewanMinister of Finance Ken Krawetz proposed the province's budget for Fiscal Year 2015-16. One innovation in that budget is the Corporation Income Tax Rebate for Primary Steel Production, which will provide a tax incentive for eligible primary steel producers that make an minimum capital investment of $100 million in new or expanded productive capacity.
An eligible primary steel producer is a company that smelts and refines metals to produce steel in ingot or molten form, then rolls, draws or casts that steel into sheet, strip or other form at a production facility in Saskatchewan.
The tax incentive for each year of a five-year rebate period will be based on the incremental Saskatchewan Corporation Income Tax payable by the corporation as a result of the new investment. Incremental tax will be determined based on the proportionate increase in the facility's productive capacity resulting from the capital investment.
The tax incentive will rebate the full amount of incremental tax for each of the first two years of the rebate period, 75% of the incremental tax for the third year of the rebate period, 50% of the incremental tax for the fourth year of the rebate period and 25% of the incremental tax for the fifth year of the rebate period.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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