BC Chamber of Commerce welcomes revised tax reforms but remains concerned

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BC Chamber of Commerce and Canadian Chamber welcome revised tax reforms and lower small business tax rate but remain concerned

Vancouver, October 18, 2017 — The BC Chamber of Commerce and the Canadian Chamber of Commerce welcome the government’s plans to revise its proposed tax reforms and to reduce the small business tax rate as a result of the comments and concerns expressed through the national #ProtectGrowth campaign and in consultations.

“Small business owners and entrepreneurs in BC show their grit, dedication, and ambition through the good times and the bad, often facing difficulties with little or no protection. Any movement that encourages economic growth, competitiveness and tax fairness is welcome. We will continue to work with all parties to find reasonable solutions,” said Val Litwin, President, and CEO of the BC Chamber of Commerce.

“The changes to the government’s proposals for taxing passive investment is a positive move, allowing small and medium-sized businesses the ability to save money for economic hardships, operational investments, or parental leave. We are glad the government has listened to businesses’ concerns and look forward to more details,” said Litwin.

As British Columbians celebrate Small Business Week, Chamber representatives congratulate the thousands of businesspeople who joined the mobilization and made their voices heard on this important issue affecting Canadian workers and employers.

The BC Chamber of Commerce also noted the Minister’s call for further input from Canadian businesses and intends to continue providing a voice to ensure the tax system is simpler and less of a burden on Canada’s competitiveness.

“It is always more productive when government and business work together. We can only hope the government will listen as we provide advice on those areas where more remains to be done, and that they will propose concrete data to back up their claims. The Canadian Chamber will be working with the BC Chamber of Commerce and other chambers across the country for suggestions on reforms that can improve the competitiveness of Canada’s tax system. Lowering the small business tax rate is one such measure, but there is still much room for improvement,” Mr. Beatty said.  “We must ensure that Canada, and with it BC, remain attractive places to do business. Although there is a great deal of work to be done, today’s announcement is a positive first step, but we expect more and we will be vigilant on the next steps,” he concluded.

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The BC Chamber is the province’s largest and most broadly-based business organization driving insights to its partners, government and Chamber network. With 36,000 members hailing from every nook and cranny of the province, the BC Chamber knows what’s on BC’s mind.

The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities, and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. News and information are available at Chamber.ca or follow us on Twitter @CdnChamberofCom.                                                      

Contact:

Stephanie Rea
Interim Director of Communications
BC Chamber of Commerce
604.638.8114
srea@bcchamber.org

 

Guillaum W. Dubreuil
Director, Public Affairs and Media Relations
Canadian Chamber of Commerce
613.797.1860
gdubreuil@chamber.ca