Tariff Relief on Manufacturing Inputs, Machinery and Equipment
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March 7, 2012
Through Canada's Economic Action Plan, the Government has committed to eliminate all remaining tariffs on manufacturing inputs and machinery and equipment used for manufacturing by 2015. This tariff relief will affect more than $7 billion in annual imports and provide close to $400 million in annual duty savings for Canadian businesses when fully implemented. Canadian producers will observe lower costs when purchasing specialized equipment from overseas. Sectors such as forestry, energy, and food processing, will be able to modernize their operations and enhance their competitiveness. Our objective is to make Canada the first tariff-free zone in the G-20 for manufacturers, which is expected to result in creating up to 12,000 jobs over time! Now that's a positive outcome!