Greater Montréal’s key economic stakeholders present their shared vision in the context of the proceedings of the Québec taxation review committee
Montréal, October 17, 2014 – Mr. Denis Coderre, Mayor of Montréal and President of the Communauté métropolitaine de Montréal (CMM), Mrs. Dominique Anglade, President and CEO of Montréal International, Mr. Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montréal, and Mr. Raymond Bachand, Chairman of the Board of Directors of Tourisme Montréal and Strategic Advisor at Norton Rose Fulbright, hailed the Québec government’s initiative to conduct a taxation review and presented their shared vision in the context of the proceedings of the Québec taxation review committee.
“Like all public administrations, the Government of Québec must put its finances on a sounder footing. I therefore welcome the Québec taxation review that is currently underway. However, the exercise can and must be carried out with a view to improving policies to help businesses. This is why the new tax expenditure regime must continue to support economic sectors of excellence, such as Greater Montréal’s metropolitan clusters. This will enable Montréal, as a metropolis, to continue in its role as a driving force of the province’s economy and to create jobs and wealth for all Quebeckers,” said Mr. Denis Coderre.
“Montréal is known internationally as a creative metropolis that has carved itself a niche in several high value-added sectors such as video games, visual effects, aerospace, life sciences and health technologies. These industries drive job creation in the metropolis and that is why it is important that the government continues to support these sectors of excellence while balancing its budget,” Mrs. Dominique Anglade added.
“A competitive overall tax structure is essential to providing area businesses with a competitive business environment that will enable their development. However, we must not lose sight of the fact that this is also a strategic economic development tool. Efficient and well-targeted tax incentives are an effective way to support the region’s most productive and innovative sectors. Our economic vitality depends on this,” stated Mr. Michel Leblanc.
“The Québec government has rightly decided to set up two commissions, whose mandates will include reviewing the desirability and effectiveness of all current tax measures. We are therefore pleased to take them up on their invitation to evaluate the performance of tax credits so that we do not miss out on significant future revenues,” said Mr. Raymond Bachand. “Some tax credits for businesses are part of these government expenditures that must be diligently reviewed and should be treated as investments that will stimulate Québec’s economic growth,” he added.
The “Program to revitalize Montréal” report, which was released in early 2014 by BMO Financial Group and Boston Consulting Group, showed that seven metropolises similar to Greater Montréal (Boston, Manchester, Melbourne, Philadelphia, Pittsburgh, San Diego and Seattle) emerged from an economic slump by focusing on their strongest sectors.
About the Communauté métropolitaine de Montréal
Created January 1, 2001, the Communauté métropolitaine de Montréal (CMM) is a planning, coordinating and funding body serving 82 municipalities. It is home to 3.8 million residents spread over an area of 4360 square kilometres. The CMM has jurisdiction in these following fields: land planning, economic development, social and affordable housing, public transit and metropolitan arterial road network and waste management planning.
About Montréal International
Created in 1996, Montréal International (MI) is the result of a private-public partnership. Its mission is to contribute to the economic development of Greater Montréal and enhance its international status. Its mandates include attracting foreign direct investments, international organizations and international strategic workers, as well as promoting the competitive and international environment of Greater Montréal. Montréal International—a non-profit organization—is funded by the private sector, the governments of Canada and Québec, the Communauté métropolitaine de Montréal (Montréal Metropolitan Community) and the City of Montréal.
About the Board of Trade of Metropolitan Montréal
The Board of Trade of Metropolitan Montréal is made up of some 7,000 members. Its mission is to represent the interests of the business community of Greater Montréal and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity, and competitiveness. The Board of Trade is Québec’s leading private economic development organization.