James Lee
15:13 (BST)
26/08/2008
Ontario needs to increase tax credits, says report
A report has advised the Canadian province of Ontario to increase tax credits for games industry businesses in order to keep up growth and compete with other local provinces.
According to the study, entitled 'Ontario 2012: Stimulating Growth in Ontario's Game Industry', Ontario could enhance its presence in the games industry over the next five years to become a global player, however it faces stiff competition from neighbouring regions which have begun offering greater tax incentives.
"The 30 per cent level [of tax credits] available in Ontario has been overtaken by other provinces such as Nova Scotia (35 per cent) and Manitoba (45 per cent) for the publicly-stated purpose of building a strong digital media industry. As long as these credits are a key driver in economic decision-making, the... tax credit should be further increased so that Ontario remains a 'level playing field' with other jurisdictions," read the report.
Ontario plays host to a games industry employing 850 people and generating revenue of approximately USD 70 million in 2006, according to the report.
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