BC Chamber presents submission to B.C. Commission on Tax Competitiveness
The BC Chamber was the first organization to address the invitation-only Provincial Commission on Tax Competitiveness on August 17, 2016. This was an opportunity for the Chamber to present key tax measures that should be included in the Commission’s report to the Minister on Finance in order to further enhance tax competitiveness for businesses in B.C.
Highlights of the BC Chamber’s submission included calls for:
- A made-in-B.C. value-added tax: The return to the PST has had a significant impact on B.C.’s competitiveness and productivity. B.C. is a small, open-trading jurisdiction, relying heavily on the ability of local export companies to compete with producers from across the globe - the majority of which do not have a sales tax structure like the PST that embeds costs at every stage of production. This makes it difficult for B.C. businesses to remain competitive in the global marketplace;
- The provincial government to go back to applying carbon tax revenue in the form of broad-based corporate and personal income tax reductions, instead of niche tax credits; and
- The Commission to address the inequitable and overly burdensome property tax rates for businesses.
B.C.’s economy is on a positive run, expecting to grow 2.4% this year and 2.3% next year, and we are leading the nation in growth. However, B.C.’s economic future will depend upon our ability to attract investment and new economic activity. The BC Chamber strongly advocates for the implementation of its recommendations in order to secure a positive economic future for our province.