Small businesses will be getting a major boost following an increase in the threshold for GCT.
Following an amendment to the General Consumption Tax Act, businesses will see the threshold move from $3 to 10 million. The move was piloted by Government Senator Kamina Johnson-Smith.
“The measure has meant small businesses can spend less time on administration and focus more energies on growing their companies,” she remarked.
The amendments also call for the reduction in the administrative burden faced by businesses in dealing with GCT. According to Johnson-Smith, the last time there was a change in the threshold was the 2009/2010 fiscal year.