Pierre Karl Péladeau’s vision for cultural enterprises
Pierre Karl Péladeau stopped by to give a talk at our forum on November 14. The President and CEO of Quebecor presented his vision of culture in Quebec and its future in the face of U.S. heavyweights in the industry.
Three recommendations to sustain our cultural enterprises
Protecting Quebec cultural enterprises is essential, says Pierre Karl Péladeau. He believes we must have local champions, like the United States has Disney and Netflix.
These champions can help drive the economic development of the Montreal region and Quebec as a whole. They would lead to more investment in the entire cultural production chain, from the artist to the consumer. They could also help raise Quebec’s international profile and give local consumers cultural products that they can more easily identify with.
To guarantee this sustainability, Mr. Péladeau made the following recommendations:
- Ensure tax fairness for all businesses
- Reform the regulatory system to help our businesses innovate and sustain their activities in the face of competition
- Review tax credits to support a larger number of local businesses
Tax fairness for everyone
The Quebecor CEO thinks that giants like Spotify, Apple, Google and Netflix shouldn’t benefit from competitive tax breaks compared to local businesses.
He also thinks that Justin Trudeau’s government favours large foreign groups by not subjecting them to the same rules. Tax fairness is an essential condition in order for Quebec’s cultural businesses to compete. This means the Quebec sales tax must also apply to competitors who sell their services in our territory. The business leader was referring to the Quebec government’s proposal to impose the QST on American entertainment giants.
Loosening regulations for our businesses
This commitment could also come about through a reduced regulatory burden. Mr. Péladeau is therefore calling for a review of regulations and administrative requirements that reduce flexibility for local businesses, given that foreign companies are not subject to the same conditions.
Revisit tax credits
Pierre Karl Péladeau finished his speech with a proposal to expand access to tax credits so that more Quebec businesses are eligible. This would generate more innovation and ensure the sustainability of Quebec culture.