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Investments of greater than $10 million in Alberta’s agri-processing trade will qualify for a 12 per cent non-refundable tax credit score, the province introduced Tuesday.
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The Alberta Agri-Processing Funding Tax Credit score, which will probably be launched this spring, is meant to assist progress, diversify the province’s economic system and guarantee producers have a aggressive marketplace for their items, stated Nate Horner, Minister of Agriculture and irrigation, stated.
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In accordance with the province, the meals sector was the most important manufacturing trade within the province in 2021.
“Because the world inhabitants continues to extend, the demand for processed and packaged meals is predicted to develop considerably, and Alberta is nicely positioned to fulfill this demand,” stated Horner.
Treasury Board President and Treasury Secretary Travis Toews stated he hears two narratives wherever he travels — that the world is fearful about vitality safety and a world unease about meals safety.
“I might say this: Alberta not solely has an ideal alternative, we’ve got a deep duty to proceed to maximise manufacturing with essentially the most accountable agriculture and meals merchandise on this planet,” he stated.
Processors must be worthwhile and aggressive to make the most of the brand new tax credit score, Toews stated.
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Concord Beef CEO Wealthy Vesta stated the tax credit score places Alberta in a greater place to develop its agricultural processing trade and meet the demand for meals exports.
“Tshe needs to create a higher capability to export high-quality, nutritious meals to feed a hungry world. Alberta has developed a repute as an moral and dependable buying and selling companion. We should always all be happy with this agricultural sector,” Vesta stated on the information convention.
The tax credit score is for brand spanking new investments of greater than $10 million, which embrace expansions of present services. Toews stated extra details about the tax credit score and increasing alternatives for Albertans and their households will probably be out there after the federal government presents its upcoming price range.
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