Emilio B. Imbriglio, President and CEO of Raymond Chabot Grant Thornton, opened the Tax Coop international conference on tax competition, held last Tuesday in Montreal. This event, organized in particular by celebrated tax specialist Brigitte Alepin, brought together leaders in the taxation field from Quebec and around the world to discuss ways to find solutions to tax system deficiencies in a global and increasingly digital economy.
Rethinking the tax system in Quebec
The President of Raymond Chabot Grant Thornton seized the opportunity to defend the interests of SMEs in tax matters. “The tax system in Quebec must be rethought to allow Quebec businesses to benefit from global opportunities,” Emilio B. Imbriglio told an audience of experts from the political and university spheres, civil society, the business community and many media (find the report by journalist René Vezina on Ici Radio Canada from 20 : 17)
SMEs: a 0% tax rate on certain conditions…
Emilio B. Imbriglio made several concrete proposals regarding taxation to favour the success of entrepreneurs. In particular, he suggested getting inspired by Manitoba’s reforms and offering a 0% tax rate for companies with incomes below $500,000. “In exchange, the companies must commit to reinvesting in production, employment and innovation,” he added.
Tax fairness and business transfer
Emilio B. Imbriglio also raised the issue of the succession: “Quebec is about to live through the most far-reaching change of management it has ever seen among CEOs of small and medium enterprises. One third of entrepreneurs will retire […]. Remember that SMEs account for 99.8% of our businesses and 60% of our GDP”. To avoid the closure of these businesses, the President hopes that the takeover of existing businesses by the new generation will be favoured, and the tax system will make intergenerational business transfers fairer.
This wasn’t the first time that Emilio B. Imbriglio had spoken up to defend Quebec entrepreneurs. He had begun a tour of the province to present innovative ideas in favour of entrepreneurship. Click here to learn more