Stora Enso gets tax break
May 30, 2006 By Pulp & Paper Canada
In related Stora Enso news, the Port Hawkesbury mill will benefit from a municipal tax break it needed to stay in b…
In related Stora Enso news, the Port Hawkesbury mill will benefit from a municipal tax break it needed to stay in business in Cape Breton, CBC reported.
A resolution, passed by the Richmond County Council, determined the company’s municipal taxes will be scaled back from the $3 million it paid out last year, to $2.5 million. Additionally, the company will be exempt from taxes on any capital expenditures, including the biomass power plant it plans to build.
However, as the CBC further reported, the tax break is contingent upon Stora Enso reaching a settlement with workers at its Port Hawkesbury mill. The agreement will have to be signed by the company, and approved by the provincial cabinet.
Stora Enso warned that if it did not receive tax and power concessions, and settle the dispute with its workers that it will shut down the mill altogether.
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