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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 10, 1970, Lethbridge, Alberta 20 THE LETHBRIDGE HERALD Tliursdny, Seplombor 10, 1970- The Tax Column No Piecemeal Changes Planned By I. H. ASPEP. One of the most interesting aspects of Finance Minister E. J. Benson's recent an- nouncement of modifications to the tax reform plan for the re- source industries is the fact of tiis announcement itself. The minister has previously and re- peatedly told critics of various aspects of the white paper that while there might be merit in their submissions, the gov- ernment would make no an- nouncement of changes on a piecemeal basis. The government's position- has been that it would be wrong to propose changes in the plan while two parliamentary com- mittees are at work analyzing the entire package. the rule hasn't been strictly ad- hered to and from time to time over the past ten months gov- ernment spokesmen have alluded to general changes that are being considered, the pro- posed resource industries tax changes are quite specific. The finance minister has justified the current departure from his self imposed silence on the ground that the white FLUTE RENTALS PER MONTH MUS1CLAND lor. 3rd Ave. 13th St. S. Phone 327-1056 paper proposals have created such concern and uncertainty in the mining industry that ma- jor developments, necessary to economic growth, are being de- ferred. As w e 11, the near una- nimity of the provincial gov- ernments in opposing the ori- ginal plan, make it urgent that changes be announced now so that the federal provincial finance ministers' conference next week does not waste its time debating a federal pro- posal which Ottawa intended to abandon in any event. GOOD SENSE All of which makes good sense. To be sure, some com- mentators have suggested that the timing and content of the announcement was influenced by a number of other con- siderations, including political pressure from Quebec as well as the tin-eat of withdrawal of foreign capital from certain im- portant projects. However, that is not the issue. Mr. Benson's announcement raises two important questions. The first is whether or not the proposed changes in the mining tax structure, even though they represent a more liberal ap- proach, are sufficient to make the plan genuinely fair. The second issue, one of much wider concern, is whether or not the government is right in asserting that this will be the only time before the tax bill is presented that it will announce revisions in the original white paper plan. The first question regarding the effectiveness of the re- sources tax amendments is very complex indeed. Never- theless, criteria are easily OUR ABORTION LAWS AREN'T WORKING. Women who need abortions haven't really been helped much by Canada's supposedly liberalized abortion law. What was passed in theory still isn't practiced by many hospitals. In fact, it is some hospitals themselves that drive women into the clutches of unqualified, illegal abortionists who continue to maim and sometimes kill their desperate clients. Who are the women who have abortions? And why isn't the new law working? IN YOUR LETHBRIDGE HERALD WEEKEND MAGAZINE identified: the industry should pay federal taxes which, when added to provincial and mu- nicipal taxes, royalties, levies, licenses, local improvement levies and all other relevant charges, puts it in a position where its taxes are neither higher nor lower tlian any oth- er industry. And on the basis of reality, because resource development is an international enterprise, Canada's mining tax structura cannot be significantly more onerous than that of other re- source-rich countries compet- ing for development. In order to assess our position here, a number of non-tax factors must be considered such as compari- sons of political stability, cur- rency exchange freedom, cost of extraction and distance from markets. RISK FACTOR The evaluation must also take into account the high risk factor, the equity capital inten- sity, and the regional develop- ment value of the industry. For example, a new manufacturing enterprise will qualify for DREE incentive grants in most cases equal to 25 per cent of the capital cost of the physical plant. Government incentive grants are rarely available to the re- source industry and the ulti- mate tax system must take this and several equally important factors into account. The new proposals are a positive step. They broaden the tax deduction base for the in- dustry and at the same time create a major tax incentive for more refining activities (and more jobs) in Canada. The federal government has also put the provincial govern- ments on the spot, by giving them the tax elbow room to grant further tax incentives to the industry without losing any provincial revenue. This occurs because Mr. Benson now pro- ART DIETRICH DENTURE CLINIC Certified Dental Mechanic Metropolitan Bldti. 328-4095 poses to transfer more of Ot- tawa's share of these taxes to the provinces so that they can, if they wish, return the money to (lie taxpayers from whom it was collected. It will be a most interesting test of the credibility of the provincial governments' pos- tures as defenders of the re- source industry, to see how many will give up the extra revenue in favor of creating tax incentives for mining. Although more time is need- ed to evaluate the new pro- posal, white paper watchers should note that the changes were .made strictly within the principles contained in the white paper and not as a sub stitution. This indicates thai the government is still not pre pared to abandon the principles and basic foundation of the white paper, but is willing only to alter the details. On the second issue, the de cision to withhold any further announcements of change in other areas of the tax plan, thi government's posiiton is un realistic and unwarranted. I the mining tax change was an nounced because of the adversi effect th.e current uncertainty is having on the industry am the economy generally, then surely the same logic applie to tlie other areas of human endeavor which have beei stymied because of the tax re form debate. It would be difficult to be lieve that Ottawa is unaware o the real estate develonments which remain on the drawin tables because investors do no intend to proceed if the ne1 tax rules on rentable real es tate come into effect; or th many sales of private compa nies that are occurring becaus the owners fear the retroactiv ity of a capital gains tax ant the onerous new taxes on smal businesses; or the general re- straint in establishment of enterprises by private citizens as opposed to existing corpora tlons, because of what is ex pected to be an inhospitable tas climate for individual entre preneurship. (Mr. Aspen is a Winnipeg Lawyer) Save 80 Domestic Deluxe Sewing Machine Regular 199.95 Zig-Zag style. Check these many fine features: Beautiful decorative drop-in cams Automatic blind hem Dial zig-zag control for overcasting seams, appliques and monograms Makes buttonholes Sews on buttons Complete portable. SPECIAL, each Built-in sewlile, built-in motor Automatic bobbin winder Round bobbin with automatic lint cleaner Built-in darner and mender In dull arobrite finish cabinet. Regular 236.65. SPECIAL, each 11995 5695 NO DOWN PAYMENT ON YOUR EATON BUDGET CHARGE Sewing Machines, Lower Floor Buy Line 328-8811. Shop Eaton's Tonight Until 9 and Friday 9 'ill 9. Sale of Men's Made-to-Hleasiire 2-Pieee Suits Men's wear moves to the forefront of fashion 70 now a suit becomes on expression, of in- dividuality and your own special personality. A new era of shape and colour is tastefully expressed in- our newest style portfolios, and the season's newest stripes, twills and checks to give you an up-to-the- minute fashion image! Medium and heavier weight wool worsteds impeccably tailored to your own for a fit of confidence. Choose the suit you'll be proud to wear... now at Eaton's low sab price. .95 84 SALE......................Coat and Vest Extra Trousers Sale Oversize 47, 48, 49, 10% extra. Size 50 and up, 15% extra. NO DOWN PAYMENT ON YOUR BUDGET CHARGE Made-tO'Measura Shop, Main floor Drapery Specials Shortie Unlined Barkcloth Candy Specials Early American print. Washable, little or no ironing. Pinch pleated heading. Hooks included. Colours: green, Size 1% W x 45" Regular 11.95. SALE Size 2 W x Regular 14.95. SALE Size 1V4 x Regular 12.95. SALE Size 2W x Regular 15.95. SALE, Poppycock 9.30 9.97 7.97 10.64 Shortie Hopsacking Drapes Cotton hopsacking, plain and unlined. Washable. Pre- shrunk and mercerized. Pinch pleated headings. Hooks in- cluded. Colours: gold, beige, melon and avocado. Size 72 x Regular 13.95. SALE.............. Size 100 x Regular 17.95. SALE.............. Draperies, Second Floor 9.33 13.46 A truly delicious bultercrunch sweet containing giant pecans and almonds. Vacuum packed for PQ your flavour protection. 10-oz. tin. ifcw Bassetts Liquorice Allsorts Here's that treat that you are bound to appreciate. Just arrived, freshly imported from England, Ihis popular confection is priced, SALE, Mb. bag, Imported Tinned Toffee Riley's variety toffee made in England. Good quality. Comes in an attractive decanter typo re-usable tin. ]5-ounce size. SALE, Candies, Lower Floor Shop Eaton's Tonight Until 9 find Friday 9 'til 9. Buy tine 328-8811 ;