The Montreal Economic Institute publishes report saying action needed to restore competitiveness undermined by excessive taxes and regulations.
The report Canada’s Oil and Gas Sector at Risk? How excessive taxes and regulations undermine our competitiveness
was issued October 19, 2017 by the Montreal Economic Institute (MEI). The report examines a number of challenges and reasons for concern regarding the competitiveness of Canada’s oil and natural gas sector, particularly in relation to industry taxes and regulations in Canada relative to those in the U.S.
The report compares Canadian and U.S. tax and regulatory systems, and takes a focused look at the current U.S. administration’s tax and regulatory reforms. The report then proposes a number of ways to boost Canada’s competitiveness, including:
- Reduce the tax burden on Canada’s oil and natural gas sector.
- Reduce the regulatory burden.
- Ensure predictable and reasonable time frames for project proposal reviews and decisions.
"Overall this is a solid report that paints a grim picture of the state of competitiveness today in Canada’s oil and natural gas industry – one of the country’s largest trade industries and an engine of prosperity from coast to coast," says CAPP spokesperson, Chelsie Klassen.
"The collective effect of added costs, regulations and regulatory uncertainty in today’s low-price environment make Canada’s oil and natural gas industry more uncompetitive."
The report can be viewed here.