Provincial Commission on Tax Competitiveness echoes BC Chamber recommendations
The BC Chamber is pleased to see its recommendations included in a new report by the independent Commission on Tax Competitiveness. The report has been presented to the Minister on Finance in order to further enhance tax competitiveness for businesses in B.C.
The Commission found that the single-most important issue facing B.C. businesses is the province’s current Provincial Sales Tax (PST) structure – a sentiment reflected by the BC Chamber of Commerce.
“It’s validating to have this independent panel acknowledge our calls to reject the complicated and archaic PST,” said Val Litwin, President and CEO of the BC Chamber of Commerce. “If the B.C. government were to implement only one change to our system of taxation, it would be to ditch the PST in favour of a made-in-B.C. valued-added tax (VAT) that would streamline taxation and get rid of the cascading tax effect of the current system.”
The Commission is fully on board with government engaging the public in a dialogue towards a VAT. In fact, three out of the four recommendations made by the Commission mirror those presented in the BC Chamber’s policy Changing B.C.’s Sales Tax Model – Moving Beyond the PST.
These recommendations include our call to remove PST on business capital expenditure, specifically machinery and equipment, which would alleviate the burden businesses face when making capital investments.
“We were the first organization to present on behalf of our members and we’re energized to see the progress that’s been made in getting the issues that affect businesses front and center,” said Litwin.
The BC Chamber was also the sole organization to address compliance costs carried by real property contractors, an issue addressed in the Commission’s report.
The BC Chamber is the largest and most broadly-based business organization in the province. Representing more than 125 Chambers of Commerce and 36,000 businesses of every size, sector and region of the province, the BC Chamber of Commerce is “The Voice of Business in BC.”
For further details, please contact:
BC Chamber of Commerce