Victoria, February 16, 2016 – The Province announced today it will form the Commission on Tax Competitiveness. The Commission will examine whether the Province’s tax regime has kept pace with its changing economy or whether current tax policy encourages business investment and growth.
“The commission will consult with British Columbians and it will make recommendations to government in the fall of 2016,” said B.C. Finance Minister Michael de Jong in his 2016 Budget Speech. “It’s vital that we continue to create the kind of competitive tax environment that draws capital investments, industries, companies and jobs to our province.”
“Our members will be pleased to hear of the Province’s work in tax reform,” said Peggy Kulmala, Manager of Policy and Public Affairs for the Greater Victoria Chamber of Commerce.
“The examination of the provincial tax burden is key to Greater Victoria economic health, particularly if the Commission also takes into account municipal taxes,” added Peggy. “The Chamber has long been an advocate for the measurement of the overall tax burden, and we are pleased to see The Province moving in this direction.”
Current tax policy changes as announced in Budget 2016 include:
• introduction of a property transfer tax exemption for newly constructed homes up to $750,000 in value;
• enhanced property tax relief for tourist accommodation providers in rural areas; and
• increase of the small business venture capital tax credit budget from $30 million to $35 million.