The breakout session was extremely interesting and had a lively debate on the need to embrace current initiatives and introducing new incentives.
There were two schools of thought – 1) The tools already exist and 2) new tools need to be developed.
Despite these two schools it was agreed that the tax implications on social enterprise need to be considered.
To develop a detailed policy priority the SECC conducted a survey of participants. Of the approximately 155 people who participated in the conference this pillar had only 68 respondents.
For providing supportive infrastructure and legislative environment the following were the decided priorities:
- Change the Income Tax Act to allow more latitude for charities to operate businesses and foundations funding social enterprises
- Introduce a new legal structure that attracts investment, allows for hybrid ownership, and provides tax incentives, and
- Review the current framework – identify what is not working for whom, develop categories and needs of social enterprises.
This issue is also of critical importance to social enterprise and needs to be addressed sooner rather than later. On subsequent blogs this issue will be addressed in more detail.
Benjamin Disraeli once said: “Without publicity there can be no public support, and without public support every nation must decay.”
The next post is going to explore Liam Black’s speech about social enterprise.
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The New Currency SDM “Change…At the Speed of Thought”