Ontario’s Basic Beer Tax Freeze a Victory for Businesses and Consumers
FOR IMMEDIATE RELEASE: Ontario’s Basic Beer Tax Freeze a Victory for Businesses and Consumers
London, Ontario - The London Chamber of Commerce is thrilled to announce a significant policy win for Ontario's breweries, tourism, and hospitality sectors. After considerable advocacy efforts by the chamber network as well as Beer Canada, the Minister of Finance of Ontario unveiled plans to freeze the escalator on Ontario's Basic Beer Tax for the next two years.
This decision is projected to yield substantial benefits, with estimated tax savings of $32 million in 2024 alone and nearly $60 million over the next two years. These savings will provide much-needed relief to breweries, tourism, and hospitality businesses, and of course, consumers.
The hospitality and tourism sectors, integral components of our local economies, have been grappling with unprecedented challenges in the wake of the pandemic. Despite commendable efforts to pivot and innovate, businesses within these sectors continue to navigate through a landscape marked by reduced consumer spending, fluctuating demand, and supply chain disruptions.
The Ontario government's commitment to freezing the Basic Beer Tax today is a clear indication of their dedication to alleviating the financial strain on businesses.
As we move forward, the London Chamber of Commerce remains committed in its mission to advocate for policies that empower businesses and enhance the economic landscape of our communities and we will be calling on the federal government to also freeze its own Alcohol Escalator Tax which, is scheduled to rise by nearly 5% on April 1st, 2024.
For media inquiries, please contact:
Kristen Duever, COO, London Chamber of Commerce
519-777-3688
